BIC Derivation – ‘IBAN only’ rule

[pudds]

From 1 February 2016, an ‘IBAN only’ rule will come into effect. Bank customers will only be required to provide an IBAN (not the BIC) for the purpose of making a payment (credit transfer/direct debit) and banks will be required to derive the payer/payee’s BIC from the IBAN.
Payment Service Providers (PSPs) will continue to indicate the BIC of the account to be debited or credited when processing a SEPA payment transaction in the interbank space.

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Is this up and running now and can we safely discard BIC codes.

 

[Lightning]

Yes, it is up and running.

KBC seem to be fully compliant. KBC now only look for an IBAN.

PTSB have made BIC an optional field. Surely, the field should not be present at all.

 

[Gordon Gekko]

Interesting. I transferred some cash the other day from an AIB account and was all set to enter the BIC when lo and behold I didn't need it.