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BIC and IBAN - bank account changes


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Just a quick question.

 

With the European bank account changes looming next month, do we have to update our bank account information for Alamy? The Alamy system is still set up for the old numbers. Would be great if anyone from Alamy could let us know. 

 

 

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My understanding is that it will become mandatory to use IBAN numbers with effect from next month within the European Union.

 

It would make sense to change your Alamy bank details to IBAN if you have not yet done so.

 

I would guess that the onus is on us as Alamy does not have access to these details.

 

dov

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I doubt we need to anything for Alamy or anybody else for existing direct debits or credits. I have heard nothing about this in the UK, so, if the UK banks are going to implement these changes, my assumption is that it will all be transparent and automatic to the end user. Many people wouldn't even know what an IBAN is in any case. If it was an issue, it should be all over the banks' websites  - I see nothing on a quick look at a few banks. The IBAN is easily derived from the existing account number although each bank seems to have a different system - for example, it might contain the sort code and 8 digit account number in addition to other letters or numbers. I don't think too many people will be able to memorise their 24 character IBANS.

 

EDIT

It is to do with SEPA (Single European Payments Area) and will be implemented on Feb 1 2014 for Eurozone countries and 31 Oct 2016 for non-Eurozoen countries, including the UK. Here is a link that explains it.

 

http://www.rbs.co.uk/content/corporate/downloads/4985_RBS_Perspectives_SEPA_Factsheet_v3.pdf

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