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What information is required to initiate a CIPS transaction (such as bank codes, SWIFT/BIC, etc.)?

  1. Full name, address, and account number (IBAN if applicable) of the recipient;
  2. Name and SWIFT/CIPS code of the recipient’s bank;
  3. If available, intermediary bank name and SWIFT/CIPS code;
  4. Clear description/purpose of payment (e.g., tuition fee, invoice number, goods/services).