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.
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The news magazine »Der Spiegel« had already suspected it: »SEPA transfers in the EU: IBAN, the terrible one«, the magazine mocked back in August last year. In fact, getting used to the 22-digit IBAN monster has overwhelmed so many bank customers that the introduction had to be postponed. But the changeover is coming. We can’t take this procedure off your hands, but we can reduce your effort and improve the results.
SEPA is supposed to make banking transactions easier. It’s a nice idea, but there’s a catch: it has to be implemented in 34 countries, at thousands of institutions and millions of customers. Here’s a little guide.
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