The FRBKC relies on SSA to provide the complete bank data to ensure correct posting
of payments to a customer’s account. If the information is incomplete, the FRBKC rejects
the payment and returns the funds to SSA. When establishing or changing IDD bank data
for South Korea, you can use ITS.gov or an SSA system (i.e. Modernized Claims System (MCS), Manual Adjustment Credit and
Award Data Entry (MACADE), etc.). When using ITS.gov, enter the actual Society for Worldwide Interbank Financial Telecommunication- Business
Identifier Code (SWIFT-BIC). Additionally, the beneficiary must be in IDD enrolled
status. The bank data posts to the MBR within four business days.
NOTE: No P.O. box address is allowed when enrolling individuals in IDD for South Korea.
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1.
Initial award processing
When enrolling via an SSA system, use the SWIFT-BIC code of “000000.” You must also
obtain the Korean Resident Registration Number for South Korean citizens. If you are
working on an initial award, you must update ITS.gov using the bank account information
prior to processing the award to ensure that the beneficiary receives his or her payment.
If the complete bank account information is not in ITS.gov when the payment processes,
the payment rejects and returns to SSA.
NOTE: If there is dire need or hardship involved, advise the beneficiary of the option
of initiating payment via a paper check. Inform the beneficiary that the bank may
charge for cashing the check. If the beneficiary chooses the option of paper check,
the FBU documents and enters the initial claim.
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2.
Adding or updating bank data using an SSA system
If you use an SSA system (i.e., Post Entitlement Online System (POS), MACADE, etc.)
to add or update bank data to an MBR, do not input the bank account information into
ITS.gov as the information transfers to ITS.gov on the next business day. When coding
South Korean IDD bank data in an SSA system (i.e. MCS, MACADE) within four business
days of the current operational month (COM) cutoff date, use the procedure outlined
in the following chart:
STEP
|
ACTION
|
1
|
Are you coding an initial claim?
If yes, go to step 3.
If no, go to step 2.
|
2
|
Is the beneficiary's address on the MBR in a foreign country (PCOC = 8)? If no, STOP.
REASON: The MBR does not accept the IDD information unless the address is in a foreign country.
If yes, go to step 3.
|
3
|
Is the beneficiary's account a U.S. dollar account in South Korea? If yes, STOP.
REASON: Beneficiaries in South Korea can only receive IDD payments in South Korean Won accounts.
If no, go to step 4.
|
4
|
To derive the nine-digit RTN for South Korea, code as follows:
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•
Code the prefix of 68, (the multi-country prefix SSA and FRBKC designated to use for IDD to South Korea).
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•
Code “000000” for the SWIFT Code.
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•
Code the one-digit check code “6”.
NOTE: The beneficiary must have this RTN enrolled in ITS.gov, not used on the forward payment
instructions.
|
5
|
Code the Type of Account as an “S” for savings or a “C” for checking. If no indicated
account type, use a “C” for checking account.
|
6
|
To code the DAN for South Korea, code as follows:
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•
Start with a country code of “B” designated for South Korea.
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•
Code the Customer Account Number (up to 16 digits in length).
|
7
|
All IDD payments made for South Korea must include the applicable SWIFT-BIC code.
Additionally, remember to obtain the beneficiary’s name, South Korean Resident Registration
Number and telephone number for identification purposes.
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