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Under SEPA (Single Euro Payments Area) your organisation can benefit from lower cost credit transfers and Direct Debits across the EU. However, to take advantage of this you must now be able to supply a valid IBAN (International Bank Account Number) and BIC (Bank Identifier Code) for all EU cross-border payments and direct debits and from February 2014 this will also apply to all domestic euro payments and direct debits also.
Your organisation should, therefore, be able to capture and validate IBANs. In addition, you may also need to establish an IBAN and BIC from a given domestic BBAN (Basic Bank Account Number), where the IBAN is not known.
If you fail to include the correct IBAN it will result in rejection, correction and repair charges being imposed by the banks. This may significantly outweigh the savings expected from the new service.
SEPA data conversion
Organisations within the Eurozone must use IBAN as the standard international and domestic bank account identifiers. The use of BIC and IBAN has been mandatory for participation in the SEPA Credit Transfer scheme since 2008. It is also the requirement for participation in the SEPA Direct Debit Scheme.
From 2014* IBAN will be the standard for all domestic and cross-border payments across the European Union. Failure to include this information will result in increased transaction charges and additional costs for your organisation.
The Experian Data Conversion Service will help you validate your existing payments details in their current formats and automatically generate a valid IBAN and BIC for each of these records.