IBAN and BIC Formats Central to SEPA Challenge
LONDON -The lack of a standard format for International Bank Account Numbers (IBAN) and Bank Identifier Codes (BIC) across Europe will hinder automation of transactions in the Single European Payments Area (SEPA), which is set to increase efficiency of cross-border payments in the eurozone from January 1, 2008, data specialists tell Inside Reference Data.
There is a standard approach for structuring IBAN and BIC codes-essential for firms to direct payments to the correct counterpart, across
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