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The changes resulting from the implementation of Regulation (EU) 260/ 2012 for businesses are the following:

  • As of 1.2.2016, the mandatory use of the Bank Identification Code (BIC) is cancelled
  • As of 1.2.2016, the files format exchange between banks and non micro-enterprises (as defined by the Commission Recommendation 2003/ 361/ EC) changes
  • Exclusive mandatory use-inclusion of the IBAN (International Bank Account Number)
  • The Remittance Info field allows for a maximum length of 140 characters

The above apply to direct debits (SEPA DIRECT DEBITS) and credit transfers (SEPA CREDIT TRANSFERS) within the European Union, i.e. to:

  • Outgoing credit transfers from Branches, Alternative Networks and other bank channels
  • Incoming credit transfers
  • Payment orders to Beneficiary Organizations.
  • Payroll payments
  • Mass electronic payments
  • Direct debits
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