International Bank Account Number (IBAN) |
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An IBAN (International Bank Account
Number) is a series of alphanumeric characters that uniquely identifies an
account held at a bank anywhere in the world. The IBAN, which includes a
country code, a bank code, and a branch and client code, assists in the
straight through processing of payments. The Bank Identifier Code (BIC), is a
Bank’s SWIFT address. It enables the
exact identification of a beneficiary bank and is used alongside the IBAN. The IBAN
field is currently optional however, for payments sent within the European
Union we strongly recommend that you provide an IBAN for the Beneficiary and
a SWIFT BIC for the Beneficiary Bank to facilitate the processing of your
payments. If IBAN and BIC details are
not provided, payments sent within the European Union could be returned or
additional fees may be levied by the Receiving Bank. The
beneficiary’s bank is responsible for generating an IBAN and providing it to
its customers. The beneficiary’s bank
can also provide the appropriate SWIFT BIC. To ensure
that the SWIFT BIC is forwarded with your payment instructions, you should
use the bank search function and search by the appropriate SWIFT BIC to
select the beneficiary bank information for your payment. |
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