From February 1 2016, an ‘IBAN only’ rule will come into effect. Bank customers will only be required to provide an IBAN (not the BIC) for the purpose of making a payment (credit transfer/direct debit) and banks will be required to derive the payer/payee’s BIC from the IBAN.
Payment Service Providers (PSPs) will continue to indicate the BIC of the account to be debited or credited when processing a SEPA payment transaction in the interbank space.
Please note this document will be updated on a monthly basis with any additional BIC rules. It is the responsibility of the user to ensure they are referring to the most up to date version.