BIC and IBAN
From 1st January 2006 European banks may levy higher bank charges on corporate customers whose cross-border transactions in Euros do not conform to BIC (Bank Identifier Code) and IBAN (International Bank Account Number) data formats. From 1st January 2007 banks can reject such transactions and also charge customers for the return of the transaction less the fee levied. This indicates that the use of BIC and IBAN may become mandatory in the future. |