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International Bank Account Number (IBAN)
TBG5 STATEMENT: Concerning the use of IBAN
In response to a request from the TBG 5 Future Group, the TBG 5 Plenary wants to stress that
- the use of IBAN, together with its relative BIC, is seen as a basic requirement for cross border transfers instructions. However, it should be equally
useable for domestic funds transfer instructions.
- the use of IBAN for domestic funds transfer instructions does not necessarily require an adaptation of the existing domestic processing, as the
information necessary for it can easily be derived from the IBAN. Any relative BIC sent may be disregarded.
Therefore UN/CEFACT TBG 5 Finance recommends that the IBAN, together with its relative BIC, in all circumstances be:
- accepted by all European financial institutions, as it is a basic requirement from the ECBS.
- officially adopted by the international financial communities.
- quoted by all customers of financial institutions in their invoices and funds transfer instructions, given that such information is made available to
them by their account servicing financial institutions.