SEPA, IBAN and BIC are a few abbreviations you might have seen a lot lately. But do you know what they mean? This blog post provides the answers:
- SEPA stands for ‘Single Euro Payments Area’ and concerns the area in which you CAN pay with one account and one set of means of payment with the same ease to an account in your own country as well as to accounts in other countries.
- IBAN stands for ‘International Bank Account Number’ and is used in case of international transactions between Euro accounts and banks located in the SEPA area. An IBAN consist of country code, control number, bank code and your current bank account number completed with 1 or several zeroes. For instance: NL99 BANK 0123456789
- BIC stands for ‘Bank Identifier Code’ and concerns the international identification code of a bank or bank office. A BIC consists of 8 or 11 characters.
- B2B / Core. The European collection knows two schedules. The Core schedule and the Business to business schedule (B2B). Core concerns the regular collection and B2B the business collection. Both the default (Core) and the business (B2B) SEPA collection can be used by companies.
- PAIN stands for ‘PAyments INitiation’ and concerns the format that is used for SEPA payments and collection. The SEPA files that are created by your Exact product and can be read into your banking software are created in the PAIN format.
- CAMT stands for ‘CAsh ManagemenT’ and concerns the format that is used for the SEPA statements you receive from your bank and that can be read into your Exact product. As opposed to the format for delivering the payments and collection, this is not part of the deadline 1-2-2014.
For more information, you could also read our special SEPA page here.