What changes does Regulation 260/2012 introduce to banking products for businesses?
- As of 1.8.2014, use-inclusion of the IBAN (International Bank Account Number) has become mandatory, even for accounts held with the same Bank.
- As of 1.8.2014, the Remittance Info field allows for a maximum length of 140 characters.
- As of 1.2.2016 use of the ISO 20022 XML format in credit transfer and direct debit files becomes mandatory.
- As of 1.2.2016, the mandatory use of the Bank Identification Code (BIC) is cancelled.