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IBAN is mandatory in Europe on 1 January 2007

January 1, 2007

Under the European Union directive on payments and due to the move into the Single Euro Payments Area (SEPA), the account number in the IBAN (International Bank Account Number) format and the BIC code of the beneficiary's bank will become mandatory in cross-border payments in Europe on 1 January 2007. Banks are not allowed to transmit payments if the beneficiary's account number is not in the IBAN format.

You should not attempt to create your beneficiary's IBAN from account details held. Please contact your beneficiaries, so they can obtain their IBAN account number from their bank branch and provide it to you.

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