The 'International Bank Account Number (IBAN) only' rule introduced on the basis of Article 5 (7) of 'Regulation () No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro’ prohibits payment service providers () to require that payment service users provide the Business Identifier Code (BIC). however, will have to continue to indicate the BIC of the account to be debited or credited when processing a Single Euro Payments Area () payment transaction in the interbank space.
An internal survey carried out by the European Payments Council () at the end of 2012 indicated that no mature solution seemed to be in place which allows deriving the BIC from any IBAN with regard to cross-border transactions. In the Summer of 2013, the reached out to all stakeholders via the Newsletter and other communication platforms to indicate whether there would be interest to initiate a dialogue on the minimum requirements for cross-border ‘BIC from IBAN derivation’ solutions. Subject to sufficient interest being expressed by both the demand and the supply sides in , the offered to host a related workshop open to all interested parties.
This workshop with more than 50 participants representing solution providers, corporate payment service users, national central banks, the European Central Bank, the European Commission and took place on 24 September 2013. For further information on the topics discussed during this workshop and the agreed next steps, please refer to the related Blog (see ‘related links’ below) and the workshop summary (EPC291-13) included with the ‘related files’ below.
If you would like to comment on this article, please identify yourself with your first and last name. Your name will appear next to your comment. Email addresses will not be published. Please note that by accessing or contributing to the discussion you agree to abide by the EPC website conditions of use.