Financial Crime World

US Social Security Administration Issues Guidance on Obtaining SWIFT-BC Code for Eritrea Direct Deposits

In an effort to streamline international direct deposit payments, the US Social Security Administration (SSA) has issued new guidance on obtaining the necessary SWIFT-BIC code for beneficiaries in Eritrea.

Understanding the SWIFT-BIC Code

According to SSA officials, the SWIFT-BIC code contains a minimum of 8 characters and a maximum of 11 characters, comprising of:

  • Four bank code letters
  • Two ISO 3166-1 alpha-2 country code letters (T for Eritrea)
  • Two location code letters or digits
  • An optional three-digit branch code

Step-by-Step Guide to Obtaining SWIFT-BIC Code

SSA has provided a step-by-step guide for technicians to follow when coding Eritrea direct deposits:

Deriving the RTN and DAN

  1. Derive the RTN: Code the RTN as 710000057, followed by the account type (C for checking or S for savings).
  2. Derive the DAN:
    • Start with a country code of T designated for Eritrea
    • Code 16 digits of the 29-digit Customer Account Number

Additional Information Required

  • POS reflects direct deposit information, including routing transit number, depositor account number, and cancel direct deposit status.
  • MBR reflects beneficiary’s address in a foreign country (PCOC=8).

Example

A recent case illustrates the coding process for Eritrea direct deposits. A customer provided a signup form with an account number of “12345678901234567890123456789”. The technician followed the step-by-step guide to derive the RTN and DAN.

References

The SSA guidance is based on several internal memoranda, including:

  • GN 00203.020 Identity of Claimants
  • GN 01702.310C Routing of Claims for U.S. Benefits Involving Totalization
  • ITS.gov International Treasury Services (U.S. Treasury system)

Conclusion

By following these guidelines, SSA technicians can ensure accurate and timely processing of international direct deposit payments to beneficiaries in Eritrea.