Payment regulations
International Bank Account Number (IBAN) and Bank Identifier Code (SWIFTBIC)
A European Regulation has been passed which will affect any future payments that you make in Euros to any EU member state and Iceland, Liechtenstein, Norway and Switzerland (collectively referred to as "Europe"). The regulation has been introduced to improve accuracy and speed up payments.
All instructions to make international payments in euros now need to include the beneficiary's IBAN and receiving bank SWIFTBIC (Bank Identifier Code). These will need to be quoted on all applicable international payment instructions. Your beneficiary will be able to give you their IBAN and SWIFTBIC.
Beneficiary banks can now charge repair fees, and may reject or return payments, if payments are received without an IBAN and SWIFTBIC.
If you are due to receive any payments from Europe in euros, you’ll need to ensure that your payer has details of your IBAN and your SWIFTBIC. You’ll find these on your bank statement. Alternatively, your relationship team will be able to give you this information.
Please remember that these new rules only apply to payments in euros and not to payments in pounds sterling or any other currencies.
Generate an IBAN - Please note: The SWIFTBIC and this IBAN generation tool cannot currently be used for accounts with Barclays Gibraltar and Cyprus - customers holding accounts in these locations should contact their account manager.
Financial Action Task Force Special Recommendation VII (FATF SRVII)
International payments now need to include the name, account number and address of the remitter as part of the payment message sent to the beneficiary bank. We will automatically add these details to the payment message when you instruct us to make a payment.
The information is required in order to comply with the European Union regulation on information accompanying transfers of funds, and FATF SRVII. This regulation lays down rules on information on the payer to accompany transfers of funds for the purposes of the prevention, investigation, and detection of money laundering and terrorist financing.
For more information about payment regulations, please complete our online form and we'll contact you as soon as possible.
