Can the Credit Union apply for a SWIFT address ?
A CU will not have its own SWIFT (BIC) address. SWIFT prefer highly capitalized and regulated entities; this entity is exempt from regulation. Each individual customer would not receive their individual IBAN account numbers unless you (the CU) make arrangements with a bank for them to provide this service, with individual sub-accounts. Most clients however pool all clients funds on one master account (which can have IBAN co-ordinates for easy transfers for the clients), and create the individual customer accounts “in-house”. Just because each client would not get their own IBAN, would not mean that they cannot make IBAN payments. They can still pay via IBAN to the CU IBAN master account. They simply have to include a note in the reference field of the transfer, usually “for further credit to XXXXX”, where XXXXX would be their individual “in-house” account. The administrator of the CU would receive this note, and credit the relevant customer account through an internal control software
