Tag: BIC - Page 1

With the advance of globalisation, methods of communication and transactions are increasingly being raised to an international level. »Single Euro Payments Area« is the full name of an initiative of the European Union to standardise cross-border payment transactions. On 1 February 2014, the familiar combination of account number and bank sort code is to be replaced in Germany for national and international transactions by a 22-digit IBAN number, which contains all the information required for the payment. In the transitional phase, this number will be accompanied by the so-called »Business Identifier Code« (BIC) until February 2014 for domestic transfers and until February 2016 for foreign transfers.