Alongside the introduction of SEPA products, common standards for data exchange and account numbers will be implemented for credit transfers and direct debits.

Europe-wide standardisation should make cash flow management easier and more transparent for your business.

Message format
The ISO 20022 XML-based protocol for the exchange of financial data and instructions will be mandatory in transactions between banks.

There is no mandatory format for transactions between banks and their customers, but the use of the UNIFI XML ISO 20022 standard as a common format for financial data exchange is strongly recommended.

IBAN and BIC
When issuing payment instructions, account holders should always quote the IBAN (International Bank Account Number) of their beneficiaries. It is recommended to also quote a valid BIC (Bank Identifier Code). An IBAN combined with a BIC acts as the unique identifier for an international bank account. This is necessary for a euro payment to be regarded as SEPA-compliant.

Fortis advises you to always use IBAN and BIC
All European banks are currently required to process all cross-border (non-domestic) euro payments, received within the EU member states and associated countries in the European Economic Area with mandatory BIC and IBAN information.

From 1 January 2007, euro cross-border payments which do not contain a valid IBAN and BIC – hence preventing straight-through processing of the payment instruction – may be returned or rejected, and banks may then charge a fee.

As a client-focused bank, Fortis does not reject payment instructions without IBAN/BIC. Nevertheless, we strongly advise you to always quote the IBAN and BIC in order to be certain that your payment instructions are carried out with optimum speed and reliability.