The EU regulation 260/2012, also known as the IBAN only rule, requires financial institutions to add the BIC code to IBAN payments.
The rule has applied to any domestic EURO payment since February 2014, to any cross-border EURO payment between EU countries since February 2016, and to any cross-border EURO payment from non-euro countries since October 2016.
IBAN Plus provides a worldwide central database for validating IBANs and deriving the corresponding BIC for more than 70 countries, including the 32 SEPA countries.
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