Dutch banks introduce national Iban and BIC conversion system
29 June 2009 | 8787 views | 0
The Netherlands Bankers' Association (NVB) is preparing for the arrival of the Single Euro Payments Area (Sepa) with the introduction of a new nationwide Iban (International Bank Account Number) and BIC (Bank Identifier Code) look-up service for all Dutch citizens and corporates.
The introduction of the new tool is expected to speed compliance with Sepa by offering a single, co-ordinated system for BIC and Iban conversion that all Dutch banks can roll out to their account holders.
Users can request the correct Iban and BIC information using an online web service, the telephone via a voice response system or via an SMS message. A dedicated corporate Web service allows Dutch businesses to update batch files of Bbans (Basic Bank Account Numbers) with the correct corresponding Ibans and BICs for Sepa compliance.
The system was developed by Experian and commissioned by the Foundation Iban Service NL, on behalf of the Dutch banking community.
The introduction of the new coding has been identified as a potential stumbling block to Sepa uptake among European citizens and businesses.
Jim Conning, managing director, Experian Payments, comments: "We...have the European footprint to provide similar services to other EU banking communities who want to facilitate the move to Sepa payments smoothly".