Why are IBANs mandatory for some transfers?
The European Payments Council (EPC) passed a resolution which dictated that from the 1 January 2007 the use of the Recipient’s International Bank Account Number (IBAN) is mandatory on all payments within the European Union or to a European Economic Area.. The Global Payments system has a validation preventing you from submitting a payment without an IBAN if it is required for your transfer.
The European Payments Council stipulated that from January 1 2007, the use of the Recipient’s IBAN is mandatory on all payments within the European Union or to a European Economic Area. The Global Payments system will remind you to enter an IBAN if you are sending funds to a recipient that requires one.
