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Here you can keep abreast of changing international legislation that may have far-reaching implications for your business.

IBANs and BICs

The banking industry in the EU and EEA has been working through the European Payments Council with the European Commission to standardise and simplify cross-border payments.

The European Payments Council (EPC) has passed a resolution that creates a common way of making payments using IBANs and BICs. Since the beginning of 2007, banks have been entitled to reject payments that don't include an IBAN or BIC.

What is an IBAN?

IBAN stands for 'International Bank Account Number'. It is a standard way of uniquely identifying an account, which will improve the speed and efficiency of cross border payments.

What is a BIC?

BIC stands for 'Bank Identifier Code'. It is an industry recognised identifier for banks. The BIC is issued by SWIFT and should be used on all international payments.

When do you need them?

Instead of quoting your account numbers and branch details, you should use your IBAN and BIC on your international invoices to advise people of your account details. You should also use them when making cross-border payments.

• Use the IBAN checker