Dear Sirs,


Please be informed that
 

• Regulation (EU) of the European Parliament and of the Council no. 260/2012 dated 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 is to be implemented by 31 October 2016.

The above stated regulation introduce the IBAN only rule in the territory of the European Union (+ EFTA), according to which the ordering party of the transfer may provide the beneficiary’s account data only in the IBAN format, without the need to specify the BIC of the beneficiary’s bank. As a rule, the BIC is established by the ordering party’s bank in the transaction settlement process.

In practice this means that your counterparties do not have to provide the BIC of mBank for SEPA credit transfers. However, it can happen that the BIC is specified. Therefore, please remember that the BIC can be specified in three following formats:
 

• 8-character BIC being the code of the Bank's Head Office – BREXPLPW
• 11-character BIC being the code of the Bank's Head Office – BREXPLPWXXX
• 11-character BIC being the code of the particular Corporate Branch – see the list below
   

While receiving such payments, we do not have any information on how other banks validate payment orders, so we recommend that your counterparties provide the 11-character BIC of the particular corporate branch that keeps your account (if required).

Best regards,
Transactional Banking Department