Mercantile Bank News
Please note Mercantile Bank is fully incorporated into Capitec Bank Limited and the Mercantile Bank SWIFT BIC (“LISAZAJJ”) has been deactivated effective 11 October 2021. In this regard, from 11 October 2021, all Foreign Currency/Cross Border Payments due in favour of a Mercantile Bank Account may be done so by utilizing the Capitec Bank Limited SWIFT BIC, “CABLZAJJ”. All Correspondent Banking Arrangements previously held by Mercantile Bank remain active and have been migrated to Capitec Bank Limited (CABLZAJJ).
Due to these changes, it is important that you notify any person/s that will be sending foreign currency/making cross-border payments to you so that the necessary amendments to payment instructions are made and are effective from the above-mentioned date.
What else do I need to know to ensure that I can continue to receive Foreign Currency Payments into my Mercantile Bank Account from the 11th of October 2021?
- The sender must instruct/request their foreign bank to use “CABLZAJJ” as the SWIFT BIC on Payments in favour of Mercantile Bank (a division of Capitec Bank Limited) Accounts
- All Correspondent Banking Arrangements previously held by Mercantile Bank have been migrated to Capitec Bank Limited (CABLZAJJ). These arrangements remain valid and must still be utilised as the Receiver’s Correspondent Bank/Intermediary Institution
- The Sender/Foreign Bank must populate the “Account with Institution” field (Field 57A) with the correct SWIFT BIC, i.e. “CABLZAJJ”. When making payment from Internet/Mobile Banking Channels, please ensure that you select “Capitec Bank Limited” as the Beneficiary Bank. The Head Office registered with this BIC is:
5 Neutron Road,
Techno Park,
Stellenbosch,
Western Cape,
South Africa - Our Universal Branch Code (450105) remains unchanged, however the Branch Code is not required on Foreign Currency Payments
- It is further recommended that you perform a review and update of relevant stationery, invoices, agreements, contracts, websites, etc. containing reference to the “LISAZAJJ” SWIFT BIC, as well as existing Standing Orders/Standard Settlement Instructions already in force with Suppliers/Remitters/Foreign Banks
- We are aware that certain Foreign Banks/Institutions are erroneously making use of invalid/outdated Correspondent Banking Arrangements. This is resulting in:
- a) Payments being routed incorrectly and delayed
b) Foreign Currency being converted to ZAR
c) Payment Fees being levied by Banks that fall outside of our Correspondent Banking Network
Whilst we are liaising directly with these Foreign Banks/Institutions in an effort to get their Records and Systems updated, we are encouraging our clients to reiterate the use of the correct Correspondent Bank to Foreign Banks/Institution
Please download the Comprehensive List of our Correspondent Banking Arrangements by clicking on the following link Capitec Bank Correspondent Banking Arrangement.
Need help?
All questions in this regard may be directed to [email protected]