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A SIMPLE AND EFFICIENT WAY TO EFFECT DIRECT DEBIT PAYMENTS IN EURO, ACCROSS EUROPE
The IBAN (International Bank Account Number) is a standardized and electronically recognizable format of a Bank Account which has been established by the European Committee for Banking Standards (ECBS). Any account held at a bank may be transposed into IBAN.
The aim of the IBAN is to facilitate the automatic processing of cross-border credit transfers. The IBAN provides the means for the automatic capture and validation of account numbers which minimizes the possibility of problems arising from the incorrect and incomplete data in cross border transfer orders.
The bank servicing your account can provide the correct IBAN of that account.
In order to receive a cross border credit transfer you should forward the IBAN of your account to the ordering customer who will then submit it with the cross border credit transfer order to his Bank.
The IBAN has a maximum of 34 alphanumeric characters. The Cyprus IBAN has a length of 28 characters.
The use of IBAN for cross border payments has been adopted by the European Union on 1.1.2002 following the decision of the European Parliament which was made known to the European Commission and the European Central bank. This was also in accordance with the relevant undertaking of the European Banking Association. According to European Regulation, the structure and use of the accounts with the IBAN (International Bank Account Number) standards is obligatory for both domestic and cross border transfers.
At the same time, it achieves:
View important information for your transfers.
SEPA Direct Debit Services are services that customers can avail of in order to manage their Direct Debits under the SEPA Scheme.
Eurobank Cyprus Ltd offers its clients a wide range of payment services, such as SWIFT, SEPA, Payroll etc, both within and across national borders.
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