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Article: IBAN and BIC: don't let them delay your payments.(Banking)
- Article from:
- Accountancy Ireland
- Article date:
- December 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 Institute of Chartered Accountants in Ireland. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Many Irish exporting companies are unaware that an impending change in European banking standards has the potential to delay their receipt of payment for goods sold.
From the 1st January, 2007 all European banks require the IBAN (International Bank Account Number) and BIC (SWIFT Bank Identifier Code) for the receiver's bank account in order to send a payment in [euro] within the EU/EEA. The European banking industry has agreed that they will not send customer payments across borders in the EU/EEA unless this account identification information is supplied.
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Irish exporters will experience delays in the receipt of funds for ...