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.