Branch Network

What changes does Regulation 260/2012 introduce to banking products for businesses?

  1. 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.
  2. As of 1.8.2014, the Remittance Info field allows for a maximum length of 140 characters.
  3. As of 1.2.2016 use of the ISO 20022 XML format in credit transfer and direct debit files becomes mandatory.
  4. As of 1.2.2016, the mandatory use of the Bank Identification Code (BIC) is cancelled.

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