SEPA BIC Requirements

SEPA usage rules require the use of BIC, which is assigned by SWIFT, and IBAN (International Bank Identifier Number) to identify the banks and bank accounts of the creditor and debtor in all euro cross-border payments. It is imperative that the IBAN and BIC codes are correct to avoid repair fees that the bank charges due to processing errors. In addition, the validation of the IBAN and BIC codes avoids delays in processing payments and collections due to the time-consuming correction of these errors. IBAN also makes it easier to validate foreign account numbers. The IBAN format is an internationally agreed upon standard that is defined in ISO 13616.

Depending on how the IBAN is formatted for a country, the IBAN can be manually entered or the system will display the code after a user enters the first two check digits of the code.

The BIC value is defined when you select 02 as the DFI Qualifier (Depository Financial Institution Qualifier), which is set up for SWIFT/BIC. Once you select 02 for the qualifier, you can enter the BIC code in the DFI ID field, which can be 8 or 11 characters, where positions 5 and 6 must be a valid two-character country code.

The DFI Qualifier and DFI ID fields and the IBAN fields appear on these PeopleSoft application pages:

• Cash Management, and then Fees and Transfers, and then Enter Transfer Template, and then Destination

  Note:

  The DFI Qualifier, DFI ID, and IBAN fields only appear for EFT transfer templates.

  See PeopleSoft Cash Management: Enter Transfer Templates - Destination Page.

• Cash Management, and then Fees and Transfers, and then EFT Request, and then Destination

  See PeopleSoft Cash Management: EFT Request - Destination Page.

• Banking, Bank Accounts, Settlement Instructions, Beneficiary Bank page

  See PeopleSoft Banks Setup and Processing: Defining Settlement Instructions.

• Suppliers, Supplier Information, Add/Update, Supplier, Location, click the Payables link to access the Payables Options page, open the Supplier Bank Account Options section.

  See PeopleSoft Source to Settle Common Information: Defining Supplier Locations.

• Customers, Customer Information, MICR Information, Customer Bank page.

  See PeopleSoft Order to Cash Common Information: MICR Information - Customer Bank Page.

• Employee Self-Service, Travel and Expenses, Review/Edit Profile, Bank Accounts page, click the Bank icon, Pay to Bank Accounts page; or Travel and Expenses, Manage Employee Information, Update Profile, Bank Accounts, click the Bank icon, Pay to Bank Accounts page.

  See PeopleSoft Expenses: Maintaining Employee Bank Account Data.

• eSettlements, Supplier Information, Review Supplier Details, Create a New Supplier, Locations, Add a New Location or Maintain Locations, and click the Update Bank Information link in the Payment Terms and Remitting Options group box on the Maintain Locations page.

See PeopleSoft Banks Setup and Processing: Understanding IBAN.

See PeopleSoft Banks Setup and Processing: Defining External Account Information.