February 1st 2016 is rapidly approaching, the final deadline defined in the SEPA Regulation (EU) N. 260/2012 for corporate customers to adopt ISO20022 XML syntax in their payment and direct debit exchanges with Payment Service Providers in the EURO area. Among other requirements, the 'IBAN only rule' will apply eliminating the need for Payment Service Users to provide the SWIFT BIC identifiers of payer’s and payee’s PSP in their credit or debit transfer orders.
This means, for all national and international SEPA payments starting 1st February 2016, Financial Institutions and Payments Service Providers in general will need to derive BICs on their own in order to correctly route interbank messages.
TAS IBAN-BIC, part of the TAS Network Gateway suite, allows the corresponding list of BICs to be obtained from a list of IBANs.
The TAS IBAN-BIC service guarantees:
If you are interested in TAS IBAN-BIC service, please contact us