Payments UK announced on 15 December 2015, that it has launched a directory to help Payment Service Providers (PSPs) send SEPA payments to the UK.
‘SEPA’ is an acronym for Single Euro Payments Area. A ‘SEPA payment’ is a credit transfer or direct debit payment made in euro (€) in any SEPA country. SEPA Regulation states that from 1 February 2016, customers will no longer be required to provide the BIC (Bank Identifier Code) when initiating a cross-border SEPA payment.
The new SEPA IBAN-Only directory launched by Payments UK will help PSPs in SEPA countries to derive the correct BIC from the IBAN (International Bank Account Number), which will still be used behind the scenes to route SEPA payments to the correct recipients within the UK.
What this means for you
Payments UK advise that the directory will help to accurately route SEPA payments to the UK. As such, the launch of the new directory will be of interest to PSPs in both the UK and other SEPA countries.