How to Get SWIFT Capabilities (BIC) for a Fintech or EMI

How to Get SWIFT Capabilities (BIC) for a Fintech or EMI Account

In today’s global finance environment, fintechs and electronic money institutions (EMIs) must offer seamless cross-border payments and multi-currency rails. One pivotal step is obtaining access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network and getting a unique Business Identifier Code (BIC). That lets your institution communicate with banks worldwide and send/receive international payment instructions. But how exactly do you achieve this?

Why SWIFT / BIC access matters for fintechs & EMIs

A BIC (also known as a SWIFT-code) is defined under the ISO 9362 standard and uniquely identifies a financial institution on the SWIFT network.

For fintechs/EMIs, direct or indirect access to SWIFT means you can send/receive MT / ISO 20022 messages, reach 11,000+ institutions globally, and enable international wires, correspondent banking & settlement capabilities.

Without SWIFT connectivity (or via weak routing), you may suffer delays, higher costs, limited currencies and friction-for clients. While an EMI can become a direct member of SWIFT, it cannot independently clear SWIFT transactions without a correspondent banking partner. If you would like to get an up to date list of best clearing bank partners for EMI's and Fintechs, fill out our contact form and we will send it to you by email.

Determine your business model & licensing fit

Before you even apply for a BIC or SWIFT membership, clarify your business structure:

• Are you operating as an EMI (Electronic Money Institution) or Payment Institution (PI) in your jurisdiction? Understanding your regulatory licence is key because SWIFT membership expects financial infrastructure, compliance and risk controls to be in place.

• Do you intend to hold client funds, issue e-money, or simply facilitate payment transfers? A true EMI licence often aligns better with full SWIFT capability.

• Choose a jurisdiction capable of supporting your licence and infrastructure: some countries are fintech-friendly and have streamlined EMI licences, which in turn make SWIFT access easier.

• Map your geographies, currencies and correspondent banking needs. The broader your ambition (multi-currency, many corridors), the more rigorous your SWIFT readiness must be.

Build operational readiness and compliance framework

SWIFT membership isn’t plug-and-play. You’ll need to satisfy operational, technical and compliance requirements.

• Governance & compliance: SWIFT requires institutions to adhere to its security and operational controls (for example, its Customer Security Controls Framework).

• Risk, AML/KYC protocols: Your FI must demonstrate strong governance of customer funds, anti-money-laundering programmes, transaction monitoring, audit trails, and a robust compliance team.

• Safeguarding client funds: Especially as an EMI, funds segregation, safeguarding rules, capital requirements and readiness to support reconciliations matter. Need a safeguarding bank, reach out to us for a list of safeguarding banks in the EU.

• Technology & infrastructure readiness: You’ll need SWIFTNet connectivity, messaging stack (FIN/ISO 20022), secure network links, firewall controls and testing capabilities.

• Correspondent banking capability: As noted above, simply being on SWIFT doesn’t guarantee settlement — many fintechs/EMIs must partner with correspondent banks to clear funds globally.

• Business plan & liquidity/capital proof: You will likely need to show projected volumes, risk controls, settlement flows, currency mix and backup plans. This is often part of the SWIFT membership application or your banking partner’s due diligence.

Apply for SWIFT membership and obtain your BIC

Here’s the operational sequence:

1. Register your entity with SWIFT — Submit your application, corporate details, licence evidence, governance documents and specify the services you need (e.g., MT103, MT202, ISO 20022).

2. Obtain BIC code — SWIFT assigns you a unique BIC that will identify you in global messaging. ISO 9362 outlines how BICs are structured.

3. Connect infrastructure — Set up SWIFTNet link, configure software, security controls, message formatting, and integrate with your internal payment systems. Testing is rigorous.

4. Test on-network — You will need to run test messages, connect to counterparties, show your system works end-to-end (e.g., send/receive MT103, ISO 20022 messages) and undergo SWIFT audit.

5. Go live — Once approved and tested, you’re live on the network, able to send/receive messages internationally. At this stage you need your correspondent banking setup for settlement.

6. Ongoing compliance & audit — SWIFT expects member institutions to maintain controls, submit annual attestations, keep infrastructure secure and follow messaging standards (MT/ISO 20022).

Establish correspondent banking and settlement links

For fintechs/EMIs, gaining SWIFT messaging is only half the equation. You must ensure the funds can actually move and settle globally:

• Identify tier-1 correspondent banks in the currencies/regions you serve (USD, EUR, GBP, etc.). These banks will clear your messages and funds.

• Negotiate correspondent banking agreements: this includes account opening, liquidity requirements, fees, risk clauses.

• Align your BIC and operational flows so your fintech/EMI sits properly in the chain (sender → your institution → correspondent → beneficiary bank).

  

• Monitor fees, turnaround times, routing complexity. Many fintechs face delay or elevated costs if they rely on weak correspondent chains.

• Consider multi-rail strategy: In addition to SWIFT, integrate APIs, faster-payments rails, local clearing so you’re not solely relying on SWIFT for every corridor.

Manage costs, timelines & risks

• Costs: SWIFT membership involves onboarding fees, annual membership, connectivity fees, and message usage fees. Additional tech/integration costs are significant.

• Timeframes: From readiness to go-live may range from 6-12 months (or longer) depending on jurisdiction, regulatory complexity and bank partnerships.

• Risk factors: Correspondent banking relationships may be fragile (bank de-risking), regulatory changes can impact cross-border flows, technology outages raise service risk.

• Service level commitments: As an EMI or fintech using SWIFT rails, you must deliver reliability to your clients — downtime, bad routing or delays undermine trust.

Best Practices for Fintech/EMIs Getting SWIFT Capability

• Start early with correspondent banking strategy. Don’t wait until after your BIC is issued.

• Choose a jurisdiction with fintech-friendly regulation but strong compliance standards to support credibility.

• Scale your infrastructure modularly. Consider SWIFT partner vendors or managed services if you lack deep inhouse resources.

• Document thoroughly. Internal policies, audit trails, message flows, business continuity planning — these are often scrutinised.

• Monitor performance post-go live. Track message quality (MT103/202 rejects), latency, fees and client feedback.

• Stay on top of messaging standards. The global move to ISO 20022 means you should be ready for format shifts and new rails.

• Educate clients. Explain to your users how their funds move, what SWIFT means, what fees and timing to expect — transparency builds trust.

FAQs — Getting SWIFT Capability (BIC) for Your Fintech or EMI

1. How long does it take for a fintech or EMI to get a BIC and go live on SWIFT?The process can take anywhere from 6 to 12 months, depending on your jurisdiction, licensing readiness, and correspondent banking relationships.

2. Can a fintech just “buy” a BIC and start sending international wires?

No — obtaining a BIC alone doesn’t grant settlement rights. It only provides messaging capability on the SWIFT network. To move funds, your fintech or EMI still needs correspondent banking relationships and full operational infrastructure for payment clearing, compliance, and reconciliation.

3. What happens if I use the wrong BIC code when sending a wire?

Using an incorrect BIC can lead to rejected or delayed transfers. The SWIFT code functions like a routing address. If it’s wrong, funds might be returned or misrouted, even if the account number is correct.

4. Does having APIs or local payment rails mean I already have SWIFT access?Not necessarily. Many fintechs operate on embedded banking APIs or local clearing rails but lack direct SWIFT membership.

5. What drives the cost of SWIFT access for EMIs?

Major cost drivers include SWIFT membership and message usage fees, technology setup (secure connectivity, software, firewalls), compliance audits, and correspondent bank relationships.

6. Does having a BIC guarantee faster or cheaper payments?

A BIC improves credibility and direct control, but payment speed and cost still depend on the correspondent bank chain and routing path.

7. What compliance issues should fintechs and EMIs be aware of?

Fintechs must maintain robust AML/KYC frameworks, strong audit trails, and proper documentation of cross-border flows. Weak governance, unclear payment purposes, or insufficient controls can cause application delays or rejections.

8. Do I need a bank license to get a BIC or use SWIFT?

Not always. EMIs and Payment Institutions can apply for SWIFT membership if properly regulated in their jurisdiction. However, they must still meet SWIFT’s institutional standards.

9. If I use a partner bank for SWIFT access, do I need my own BIC?

If your fintech operates under a partner bank’s infrastructure, you can initially use their BIC for routing. However, obtaining your own BIC later gives you independence, better control over messaging, and stronger brand presence on the network.

10. How should I maintain my SWIFT setup after going live?

Ongoing maintenance includes monitoring message quality, ensuring security patches, conducting annual compliance attestations, managing correspondent risk, and regularly auditing systems.