SWIFTRef, SWIFT’s global reference data utility, has successfully designed, built and delivered the IBAN/BIC reference platform for the UK community under the guidance of Payments UK. With SWIFTRef’s proven infrastructure and expertise within the industry, this new Single Euro Payments Area (SEPA) International Bank Account Number (IBAN) Only (SEPAIO) central infrastructure platform will ensure full integration and compliance with SEPA regulations, and not only within the UK but also the EU. The new SEPAIO platform enables the accurate derivation of BICs from IBANs, a key requirement for financial institutions in SEPA countries seeking to initiate euro payments to the UK once the European SEPA regulation (EC 260/2012) comes into force in October 2016 for non-eurozone countries, such as the UK. To ensure a seamless transition for its UK members, Payments UK decided to provide an automated and centralised IBAN/BIC data collection and maintenance platform, which is based on SWIFTRef. Through this public platform, the Payments UK service will provide Payment Service Providers (PSPs) real-time access to accurate IBAN-BIC data from the UK and Gibraltar (and UK crown dependencies once they have joined SEPA) allowing financial institutions in those territories to publish and maintain their own IBAN/BIC data. This initiative will ensure that PSPs in SEPA countries are equipped to accurately route euro-payments to their peers in the UK. With its flexible architecture, software and data management, the SEPAIO platform has been designed to accommodate for the growth of new services and functions in line with the fast change of pace in the UK.
March 28, 2016