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NOVEMBER 06 2015
Tags: payment networks

'IBAN ONLY RULE’: ARE YOU READY FOR THE SEPA DEADLINE?

February 1st 2016 is rapidly approaching, the final deadline defined in the SEPA Regulation (EU) N. 260/2012 for corporate customers to adopt ISO20022 XML syntax in their payment and direct debit exchanges with Payment Service Providers in the EURO area. Among other requirements, the 'IBAN only rule' will apply eliminating the need for Payment Service Users to provide the SWIFT BIC identifiers of payer’s and payee’s PSP in their credit or debit transfer orders.

This means, for all national and international SEPA payments starting 1st February 2016, Financial Institutions and Payments Service Providers in general will need to derive BICs on their own in order to correctly route interbank messages.

TAS IBAN-BIC, part of the TAS Network Gateway suite, allows the corresponding list of BICs to be obtained from a list of IBANs.


The TAS IBAN-BIC service guarantees:

  • The validation of a list of input IBANs (ISO 13616 verification), including country code pre-fix and IBAN length for all the SEPA and non-SEPA countries.
  • The validation of a list of BICs, if provided with the IBAN (ISO 9362 verification and check of the correct pairs IBAN-BIC).
  • The locating of corresponding IBAN BICs to be used for a list of input IBANs, as well as the Routing BICs through which the beneficiary's institution is accessible in case it is different from the IBAN BICs.
  • The search and verification of known bank codes that must not be used in IBANs (a.k.a. Exclusion List).
  • A database of information updated daily.

 

If you are interested in TAS IBAN-BIC service, please contact us