International Services
Fifth Third offers Foreign Currency solutions for international transactions.
Clients have access to global payables, receivables, liquidity and information reporting solutions for key corridors, including a competitive set of commercial payments services in Canada, enabling commercial clients to grow internationally.
Fifth Third has similar capabilities to Comerica for multicurrency accounts and supports SWIFT information reporting.
Foreign Currency Accounts
Multicurrency accounts
- Your current Foreign Currency accounts at Comerica will need to be reestablished at Fifth Third.
- You should have been contacted by your relationship team or conversion specialist to confirm you would like to open a new multicurrency account.
- You will need to contact your customers to provide new payment instructions once your new accounts have been established.
Foreign currencies
- Chinese Yuan foreign currency accounts won't be offered through Fifth Third's multicurrency account solution.
SWIFT
SWIFT reporting
- Fifth Third supports SWIFT MT940 (end-of-day statements) and MT942 (intraday statements) delivered as a SWIFT message; delivery via file transmission is not supported.
Alternative information reporting options
- You will need to use an alternative information reporting method if you currently receive MT940 and MT942 statements via file transmission.
- Work with your Fifth Third conversion specialist to identify and implement the solution that best meets your needs. Options include:
- SWIFT message
- BAI reporting via SWIFT File Act
- Fifth Third Direct for prior day and intraday reporting
- BAI file through file transmission or download through Fifth Third Direct
New SWIFT/BIC
- There will be a new origination Bank Identification Code (BIC) associated with your SWIFT messages.
- Please make updates to receive SWIFT reporting messaging from BIC-FTBCUS3C. Note: Legacy CMA SWIFT BICs will continue to receive SWIFT messages.
- Work with your relationship team or conversion specialist to confirm if you would like to open a new multicurrency account. Complete the new Multicurrency Account (MCA) opening process.
- Notify your customers about your new account once it is set up. Provide updated payment instructions to ensure continued receipt of foreign currency payments without disruption.
- For SWIFT customers with MT940 and MT942 statements:
- Make updates to receive messaging from Bank Identification Code BIC - FTBCUS3C
- Work with your Fifth Third conversion specialist to replace delivery of SWIFT statement via file transmission as needed.
The resources below provide additional information to support your transition.
- Quick Reference Guides [links]
- Implementation Guides [links]
- FTD Welcome Tutorials [Link]