What is a BIC and IBAN?
Description

Single Euro Payments Area (SEPA) came into full effect on 1 February 2014, changing the way euro electronic payments are processed across Europe.

An International Bank Account Number (IBAN) and a Bank Identifier Code (BIC) replaced national sort codes and account numbers and they are required to make or receive euro electronic payments. Your Sage software is formatted to accept all valid IBAN and BIC formats.

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Resolution
IBAN

An IBAN can contain up to 34 alphanumeric characters. A typical Irish IBAN contains between 22 and 27 characters. It is made up of:

  • Country code - A two-letter code identifying the country, where the relevant bank or branch is located.
  • Check digits - A two-digit code that help to confirm the integrity of the Basic Bank Account Number (BBAN)
  • Basic Bank Account Number (BBAN) - An alpha-numeric code of up to 30 characters (uppercase where relevant). Each country has a BBAN format of a specific length. The BBAN incorporates a bank/branch identification code.

The following is an example of an IBAN for an Irish bank account: IE33AIBK93123487654321.

BIC

A BIC contains between 8 and 11 characters, made up of:

  • Institution Code - A four-letter code (in upper case) unique to each financial institution.
  • Country Code - A two-letter code that identifies the country in which the financial institution is located.
  • Location Code - A two-character alphanumeric code that can identify a locale within the relevant country, such as a city, province or time zone.
  • Branch Code - An optional three-character alphanumeric code identifying a subdivision of the financial institution in the relevant country.

 

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