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The SEPA Regulation, specifically, states that a payee accepting credit transfers must communicate the IBAN of the account to which the payment should be credited and the BIC of its payment service provider (PSP), "but only where necessary", to its business partners. Likewise, a payer wishing to make a payment by direct debit must communicate the IBAN of the account which should be debited and the BIC of its PSP, "but only where necessary", to the payee. Recital (8) of the Regulation states that "in the vast majority of payment transactions in the Union, it is possible to identify a unique payment account using only IBAN without additionally specifying BIC". It would be helpful if the European legislator could clarify how payers and payees are supposed to determine whether the IBAN alone is sufficient to identify the particular payment account which should be credited or debited.
SEPA project managers representing corporate and public entities, who have shared their migration experience in the EPC Newsletter, stress the need for careful planning when preparing the transition to IBAN and BIC. They also highlight the importance of thorough testing prior to making the move in the live environment. It is also recommended that businesses and public administrations preparing for the conversion of account data to IBAN and BIC take the following steps:
In addition, the EPC recommends that national banking communities provide centralised conversion services to their business customers. To obtain related information, businesses and public administrations should contact the appropriate bodies at national level. The European Central Bank (ECB) makes country-specific SEPA information, including SEPA-related contact links, available (see link to ‘ECB-SEPA-by-Country Hub' below).