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A bit on SEPA – IBAN & BIC

Posted on September 22nd, 2008 by Sanjit Anand |Print This Post Print This Post |Email This Post Email This Post

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SEPA in system context have things which is really important.

  1. IBAN Code
  2. BIC Validation
  3. SEPA customer credit transfer, based on the ISO20022 format (XML)

So lets see why IBAN and BIC is so important.Take a note, SEPA schemes use BIC and IBAN codes to uniquely identify bank accounts

dgreybarrow IBAN (International Bank Account Number)

The IBAN is provided by the bank servicing the account.

It should not contain any spaces when it is stored electronically. When printed on paper, however, it is usually expressed in groups of four characters, the last group being of variable length.

It consists of:

  • The ISO code (two letters) of the country in which the bank account is held and a two-digit check number;
  • The domestic Basic Bank Account Number (BBAN) (up to 30 alphanumeric characters).

Total IBAN length may not exceed 34 characters.

dgreybarrow BIC (Bank Identifier Code)

The BIC is the unique identifier for banks within the European Union.The BIC is regulated by ISO 9362

It consists of 8 or 11 characters, which include:

  • A bank code (four characters)
  • A country code (two characters)
  • A location code (two characters)
  • if applicable, a branch code (three characters)

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Posted in SEPA | 3 Comments »Email This Post Email This Post | Print This Post Print This Post

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3 Responses
  1. Chris Martin Says:

    Sanjeev..

    Whats your contact information. Even I am running an Oracle blog having 40-45k hits per month. Hope we can exchange links..

  2. Tony Clavering Says:

    Good overview.

    Validation of SWIFT BIC and IBAN is essential for SEPA compliance.

    Unified Software http://www.unifiedsoftware.co.uk has an excellent web service which validates both BIC and IBAN (plus other stuff) and plugs straight into your application.

  3. Nafi Says:

    how can i find iban and bic

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