How to reduce the chances of outward SGD Payment Failure?

Aspire's SGD outward payment execution rate averages at 99.95% every month.

For the 0.05% of payment failures, the number one reason for payment failure is because the recipient's account details are incorrect:

• Recipient account was closed
• Wrong SWIFT BIC selected when setting up the recipient (e.g Choosing between CITISGSGXXX, and CITISGSLXXX will cause a payment failure even if they are SWIFT BIC's which belong to the same bank, as the funds will be sent to different entities within the same bank)
• Incorrect account number length when setting up the recipient
• Missing starting, or last digit of the recipient account number
• Hyphens or special characters in the account number

While Aspire cannot validate external bank's policies on determining their account number length or format, we have provided a guide below on what are the common account number details from successful transfers, for your reference when setting up a new recipient:

bene_bic	Min	Max	Start with
ANTPSGSGXXX	11	11	11
ANZBSGSXXXX	11	11
BKCHSGSGXXX	11	15	900, 650
BNPASGSGXXX	10	10
BOTKSGSXXXX	4	6
CHASSGSGXXX	9	14
CIBBSGSGXXX	10	10	100,200
CITISGSGXXX	7	15
CITISGSLXXX	8	16
DBSSSGSGXXX	7	20
DEUTSGSGXXX	10	10	2
GLDTSGSGXXX	11	11
GXSPSGSG	10	11
HLBBSGSGXXX	18	18
HSBCSGS2XXX	11	12
HSBCSGSGXXX	11	12
ICBKSGSGXXX	11	19
MAYPSGSGXXX	11	16
MBBESGS2XXX	10	11
MBBESGSGXXX	10	10
MHCBSGSGXXX	11	11
OCBCSGSGXXX	10	16	4,5,6,7
RHBBSGSGXXX	11	11
SCBLSG22XXX	9	16
SMBCSGSGXXX	8	8
SSPISGSGXXX	9	9
TRBUSGSGXXX	9	16
TRWISGSGXXX	7	8
UOVBSGSGXXX	9	17

 

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