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.