is short for S
rea. It signifies a standardizes mode of payment within the unified €uro
-Payment area, in which all electronic payments are considered domestic, and where a difference between national and intra-European cross border payments does not exist. The following countries participate:
Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Island, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom.
In a significant departure from the previous domestic procedures, the payer and the payee (as well as their credit institutions) are to be identified by the IBAN and BIC, and not by the domestic bank sort code and account number.
- IBAN is short for International Bank Account Number, and is a standardised International bank/account number for domestic and cross-border payments. It consists of a maximum of 34 digits, which can be used differently depending on the country. Only the first four digits are fixed.
- BIC is short for Bank Identifier Code, is a credit institution’s international bank sort code. It consists of a maximum of 11 digits and is often called the SWIFT-code.