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Chip and UID
Posted: Thu Dec 11, 2008 6:58 pm
by jim
dear all,
I often see documents covering letter which shows chip no xxxx, UID xxxx and A/c No xxxx as a part of the payment instruction. could you please tell me what are the usages of CHIP and UID in swift MT 202?
US Banks
Posted: Thu Dec 11, 2008 7:27 pm
by picant
Hi pals,
Those mean:
Clearing House Interbank Payments System Universal Identifier
used in USA for transferring funds. I think that if a bank has an account with a US Bank, it receive a number to be indicated in SWIFT messages to be correc tly credited.
Similar to Sorting Code in U. K.(now IBAN in EU Countries)
Ciao
i dont know much
Posted: Thu Dec 11, 2008 8:26 pm
by jmitra
though i dont know much on the issue, even then just to share that i have
CHIPS UID is pointed out by picant, is a automated electronic clearing system. under this system, each account has a unique CHIPS UID no. that is a UID is related to a account no. this system has several benefits like it speed up the clearing process, reduces the error and also ensures better security since the information of the accounts remains under cover. when there is a chip uid no, there is no need to put a account no. there.