mBank to implement the “IBAN Only” principle with regard to SEPA Credit Transfers

Dear Sirs,


In an attempt to provide you with the best service quality standards in the scope of SEPA Credit Transfers, mBank S.A. has added a new feature to its electronic banking systems making it possible to determine the BIC code of a beneficiary’s bank based on the beneficiary’s IBAN - the so-called “IBAN Only” principle.
As a result, you can now check whether the BIC code of a beneficiary’s bank is correct while ordering a SEPA Credit Transfer in mBank’s electronic banking systems.


Please be advised that BIC codes of beneficiaries’ banks containing information on the branch (BIC code characters from 9 to 11) are correct both when they contain these numbers and when they end with “XXX” (the BIC code of a bank’s head office).


We hope that the new feature will remarkably improve your experience with making transactions in mBank, at the same time providing you with a higher degree of security.


Moreover, we would like to inform you that starting from 31 October 2016, pursuant to Regulation (EU) No. 260/2012 of the European Parliament and of the Council of 14 March 2012, it will be no longer necessary to provide the BIC code of a beneficiary’s bank while ordering payments. Following this date it will be the bank that will always determine the BIC code of a beneficiary’s bank based on a beneficiary’s IBAN provided by the client.


Kind regards, Transactional Banking Department


SME and Corporates