| IBAN | International bank account number The international bank account number is a unique identification number that allows automatic transfer of funds between the recipient and the sender. The IBAN number includes all the necessary information: account number, Bank name, Bank branch, and country code. Even though the Euro area has not adopted a uniform length for the IBAN code, it cannot be longer than 34 characters. It is worth noting that most countries set their own IBAN length. Our system automatically detects the selected country, which allows you to perform a full IBAN check. |
| BBAN | Main bank account number BBAN is short for "Main Bank account number". This account number is used on the territory of the country. BBAN is part of the IBAN for international transfers. Each country uses its own bban format, And currently there is no single European standard for BBAN. That is why IBAN was created, which allows us to standardize the field of Bank transfers. |
| BIC | Bank identification code a Bank identification code is a unique Bank code that is used for making payments. Each Bank has its own BIC, So you get the opportunity to send funds correctly. In addition, the BIC is called a SWIFT address or SWIFT code. The BIC can have 8 or 11 characters, depending on whether it contains information about the branch. |
| SEPA | Single European payment system the single European payment system is used on the territory of European countries. The main goal of creating such a system is to provide simple and convenient transfers in the EU. |
| ECB | European Central Bank The European Central Bank is the main Bank of the Euro Area. The Bank is responsible for the Euro currency used in the EU. The main task of the ECB is to preserve the purchasing power of the Euro, as well as to ensure stable prices in the Euro area. The Euro area comprises 17 EU member States that have used the Euro Since 1999. |
| SWIFT | World interbank financial communication organization See BIC |
| SCT | SEPA credit transfer The SEPA credit transfer was developed by the Council of the European Parliament (see EPC) in early 2008. It is a set of rules governing the transfer of funds between banks in the EU. SCT (European transfer) is designed to replace a large number of Euro-based payment systems in Europe. |
| SDD | Direct SEPA replenishment Direct Deposit SEPA-is a Protocol that regulates the rules for transferring funds between banks in the Euro Area. Direct replenishment is based on the following idea: "I request money from another person, having previously received consent, and then transfer it to my account." Both the recipient and sender must have an account with a financial institution that supports this technology. |
| PSD | Payment services Directive The payment services Directive was developed in 2007 and is a set of rules and regulations governing the operation of payment systems in the EU. The main objective of this Directive is to actively implement the Single European payment system (SEPA), regulate the activities of financial institutions, as well as ensure transparency and create a competitive environment. |
| ACH | Automated settlement chamber The automated settlement chamber is an electronic network for transferring funds in the United States. Just like SWIFT in Europe, ACH allows you to perform debiting and crediting operations. The ACH network allows banks and financial institutions to exchange information. |
| CSM | Clearing and settlement system The clearing and settlement system is a set of rules that govern trading. In other words, it defines the rules for sending money and informational messages between payment systems and service providers. |
| PEACH | ACH for Europe The automated settlement chamber for Europe is a type of ACH that provides compatibility with SEPA payments in Europe. In addition, this system provides a wide range of payment instruments for settlements in Euros that meet the requirements of current legislation and financial regulators. |
| EBA | European banking association The European banking Association was founded in Paris in 1985 by representatives of 18 commercial banks. The European banking Association is an international forum that brings together more than 200 banks. The European banking Association is one of the main initiators of the creation and development of SEPA. |
| EPC | European Council for payment systems The European payment systems Council is a regulatory body in the field of payment systems. It defines the measures needed to implement SEPA. |
| BACS | Interbank automated cashless payment system The interbank automated cashless payment system is an interbank payment transfer system in the United Kingdom. Basically, this system is used for direct debiting and replenishment of funds. Direct debiting is an indication of the account owner, which implies debiting certain amounts for a limited time. This system allows you to ensure stable and secure payment for goods and services. Such operations are the most popular in all countries. Direct replenishment is a reverse operation that is used, for example, to calculate salaries for employees of a company. Until recently, the BACS system was also actively used to pay for goods and services over the phone. Currently, it has been replaced by the faster payments system, which guarantees almost instant debiting and crediting of funds 365 days a year. BACS payments are processed within 3 business days. A number of accounts do not allow using the new system, so their owners still have to rely on BACS. |
| CHAPS | Automatic clearing settlement system This abbreviation is used to refer to an automatic clearing settlement system. CHAPS is another system that is used for payments in the UK. Even though CHAPS is available to everyone, it is used by large companies that make expensive deals. Using the CHAPS system implies a Commission fee of 25-30. Transfers in the CHAPS system are made within one business day and are used to purchase real estate. In addition, this system is used to pay for other expensive purchases. As mentioned earlier, CHAPS is used to transfer funds at the Bank during the day. To make a payment in the CHAPS system, you will have to visit the Bank's office and fill out a special form, confirming your identity. In addition, before making a CHAPS transfer, you should familiarize yourself with the restrictions on the transfer amount from your account. The Faster Payments system is used for transfers of less than 100,000 rubles, and allows you to make a transfer absolutely free of charge. This is especially suitable for private clients, not for companies and legal entities. |
| FPS | Fast payment system in the UK As mentioned above, Faster Payments allows you to make instant money transfers. In most cases, this system is used to pay for utilities, invoices issued, and online transfers. The system has been in use since 2008. |
| C&CC | Bank receipt processing system As mentioned above, Faster Payments allows you to make instant money transfers. In most cases, this system is used to pay for utilities, invoices issued, and online transfers. The system has been in use since 2008. |
| EFT | Electronic money transfer One of the ways to transfer funds to your company's Bank account. After registering in the system, you will be able to receive payments almost instantly. EFT is a fast and reliable system that allows you to receive money much faster than when you need to confirm your payment and send a Bank check by mail. |
| B2B | B2B payments |
| SCF | SEPA card usage rules It is a set of rules and regulations governing the operation of banks, financial institutions and other institutions in the field of using Bank cards to receive funds throughout the Euro Area.. |
| EFTA | European free trade Association |
| ECBS | European Committee for banking standards |
LIST OF ABBREVIATIONS USED IN BANK TRANSFERS
- Thread starter Jollier
- Start date
AN this is an abbreviation for Account Number
RN this is an abbreviation for Routing Number
Details:
RN this is an abbreviation for Routing Number
Details:
nomorelies
Professional
Might be stickied i guess
IBAN, SWIFT, BIC for international payments
Let's find out what IBAN, SWIFT, and BIC.
The correct account number in IBAN format can only be provided by the bank that serves your account. You can also get BIC / SWIFT from a bank, or use one of the reference books on the Internet.
What are they used for?
These codes are required for international money transfers and for sending messages between banks. In order for payments to be sent to the correct account, you need identifiers that meet international standards. They allow you to make international transfers faster, and the IBAN account structure, for example, is designed to minimize errors.
Use in international practice
Initially, the IBAN was intended for payments on the territory of the European Union. The EU pays special attention to the standardization of settlement operations, and therefore, when conducting transactions within the EU, the IBAN and BIC/SWIFT numbers must be indicated in payment documents. This requirement applies to all payments and applies to individuals and legal entities. In other words, when making transfers between banks, you need to specify the IBAN and BIC (SWIFT), and individuals only need the account number in IBAN format. EU banks have the right not to accept payments where the account number does not meet IBAN standards, and banks have the right to charge a fee for refunds. Therefore, companies most often indicate their banking details in an international format on letterheads, contracts, and other documents. Banks in the US and New Zealand, in turn, use SWIFT codes, but do not use IBAN numbers. In the UK, both codes are also used, with the first four characters of the BIC code being part of the IBAN. Today, more than 70 countries use IBAN.
Setting standards in the field of banking financial transactions has become an effective solution for ensuring universal, secure, fast and convenient money transfers from one country to another. If you have an IBAN, the system will easily identify you, which will make the transfer faster and reduce operational risks. If your bank is linked to SWIFT, then you don't have to worry about the security of transfers.
Let's find out what IBAN, SWIFT, and BIC.
- IBAN (International Bank Account Number) this is an international bank account number. It is a unique identification number consisting of 34 characters and is used for international payments. The IBAN number contains all the information you need to transfer funds: account number, bank name, bank branch, and country code.
- BIC (Business Identifier Codes) this is a bank identification code. BIC-a unique bank code that consists of 8 or 11 characters and is also used for making payments. Each bank has its own identifier. BIC is also called a SWIFT address or SWIFT code.
- SWIFT (Stands for the Society for Worldwide Interbank Financial Telecommunication) is a community of global interbank financial telecommunications. This organization was founded in Brussels in 1973, in order to set some standards and common processes for financial transactions. SWIFT provides a secure network that allows different financial institutions in 212 different countries to share transaction information.
The correct account number in IBAN format can only be provided by the bank that serves your account. You can also get BIC / SWIFT from a bank, or use one of the reference books on the Internet.
What are they used for?
These codes are required for international money transfers and for sending messages between banks. In order for payments to be sent to the correct account, you need identifiers that meet international standards. They allow you to make international transfers faster, and the IBAN account structure, for example, is designed to minimize errors.
Use in international practice
Initially, the IBAN was intended for payments on the territory of the European Union. The EU pays special attention to the standardization of settlement operations, and therefore, when conducting transactions within the EU, the IBAN and BIC/SWIFT numbers must be indicated in payment documents. This requirement applies to all payments and applies to individuals and legal entities. In other words, when making transfers between banks, you need to specify the IBAN and BIC (SWIFT), and individuals only need the account number in IBAN format. EU banks have the right not to accept payments where the account number does not meet IBAN standards, and banks have the right to charge a fee for refunds. Therefore, companies most often indicate their banking details in an international format on letterheads, contracts, and other documents. Banks in the US and New Zealand, in turn, use SWIFT codes, but do not use IBAN numbers. In the UK, both codes are also used, with the first four characters of the BIC code being part of the IBAN. Today, more than 70 countries use IBAN.
Setting standards in the field of banking financial transactions has become an effective solution for ensuring universal, secure, fast and convenient money transfers from one country to another. If you have an IBAN, the system will easily identify you, which will make the transfer faster and reduce operational risks. If your bank is linked to SWIFT, then you don't have to worry about the security of transfers.
