The EU regulation 260/2012, also known as the IBAN only rule, requires financial institutions to add the BIC code to any domestic IBAN payment as of February 2014 and to any cross-border IBAN payment in EU countries since February 2016. As of October 2016, the same will apply to any cross-border IBAN payment for non-euro countries.
Successful processing of the large volume of SEPA payments will require close to 100% straight-through processing (STP) rates. In order to achieve this, IBANs and BICs must be valid, accurate and available. With IBAN accurancy being a challenge due to incorrect bank/branch IDs embedded within the IBAN, SWIFTRef now offers the IBAN Plus to help overcome these challenges.
The IBAN Plus offers a SEPA-wide, central database for validating IBANs and deriving the corresponding SEPA BIC. The directory is updated and distributed daily. In addition, there is also a specific directory available for corporate ERP systems.
If you are a financial institution sending SEPA payments, then discover SWIFTRef's solution for smooth and timely SEPA compliance.
What issues can you resolve with this directory?
Validation of an IBAN, including country code pre-fix and IBAN length.
- Extraction of the bank code and validation of its existence.
- Validation of the IBAN bank ID against the Exclusion List
- Finding the corresponding BIC to be used, if not provided with the IBAN
- Validation of a BIC, if provided with the IBAN.
For correct routing and fast execution of your SEPA payments, please see the SEPA Plus directory that provides everything you need for a flawless SEPA payments process.
What can you find in this directory?
- Institution name and country
- Institution’s Bank/branch codes in the formats as embedded in IBANs.
- Institution’s BIC codes as issued together with the IBANs to the account holders.
- Data for the 32 SEPA countries and all non-SEPA countries (30+) that adopted the IBAN. Each time a new country registers a new IBAN format with SWIFT (in the ISO Registry for IBANs), the file is updated
If purchased as a file, you will also receive IBAN STRUCTURE information, which includes:
- IBAN country pre-fix
- IBAN length
- Bank code length, composition and position within the IBAN
In which format can you buy this directory?
- Online (updated daily)
- As a flat file in xml or txt format (with daily and monthly updates)
- downloadable from our download portal
- using download automation
- delivered to you over FileAct
- Via SWIFTRef APIs, allowing your applications to retrieve individual data, to perform BIC and IBAN validation or BIC-from-IBAN derivation online, without the need to download and store the data at your premises.