OREANDA-NEWS. Starting with 15 December, the beneficiary bank’s SWIFT/BIC code will no longer be a mandatory field for transfers to European Union and European Economic Area (EU/EEA) member states*.

It will be possible to make euro payments to EU/EEA countries and international payments in all currencies to EU/EEA countries without specifying the SWIFT/BIC code, provided that the beneficiary’s account number is in IBAN format). The system will retrieve it automatically based on the IBAN account number. In case the customer enters an incorrect SWIFT/BIC, it will be corrected automatically.

The changes are implemented in compliance with the requirements of the SEPA regulation.

* EEA (European Economic Area) member states – Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France (French Guiana, Guadeloupe, Martinique, R?union), Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the United Kingdom (including Gibraltar).