The EPC summarises the conclusions agreed at its multi-stakeholder workshop which discussed minimum requirements for cross-border 'BIC from IBAN derivation' solutions.
The 'International Bank Account Number (IBAN) only' rule introduced on the basis of Article 5 (7) of 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro’ prohibits payment service providers (PSPs) to require that payment service users provide the Business Identifier Code (BIC).
PSPs however, will have to continue to indicate the BIC of the account to be debited or credited when processing a Single Euro Payments Area (SEPA) payment transaction in the interbank space.
An internal survey carried out by the European Payments Council (EPC) 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 SEPA transactions.
In the Summer of 2013, the EPC reached out to all stakeholders via the EPC Newsletter and other EPC 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 SEPA, the EPC 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 PSPs took place on 24 September, 2013.
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