CSPs can have trips and events outside of the UK, hence an international payment is needed. Although international payments are processed like Purchase Orders, there are several important differences to look out for.
IBAN is the Intrnational Account number, and BIC the Bank Indentifier Code also known as Swift. We need these to be able to send payments to other countries and they need to be on the supporting documentation/invoice, ideally together with the account name/holder. Please contact icu.finance if the name differes. The foreign bank has the right to reject payment if there is an error in name.
Take extra care with the following:
- Invoice/documentation should be in English.
- Currency and amount need to be clearly stated on the invoice/documentation (e.g. Euros, USD) to avoid any conversion errors.
Exchange rate will be determined by NatWest bank at the time of processing.
- The supplier’s details such as name and address need to be on their invoice as well as their bank details.
- The receiving bank have their own controls and processing times, so clearing times will vary. That is the reason why there is no payment date displayed in eActivities.
NOTE: In the case of payment rejection, the Union will request a refund, which can take more than a week to be processed by the bank.
CSPs should submit International Payment requests in ample time to enable for checking, processing, authorisation, and processing by foreign banks.
