According to Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006, as of 26 June 2017, mBank extends the range of required information accompanying transfers of funds irrespective of the form of placing a payment instruction (in paper or via electronic banking systems).
Any transfers of funds, regardless of their amount or currency, will have to include the following information:
- the payer’s* and the beneficiary’s account number,
- the payer’s* and the beneficiary’s full names (company’s name/forename and surname)
- the payer’s full address*: country, city/town, street name, house number and postal code, if applicable.
Starting from 26 June 2017, any transfers of funds which include incomplete/wrong information about the payer and/or the beneficiary may result in:
- a delayed payment,
- a rejected payment,
- a returned payment,
- or even in freezing funds by the beneficiary’s bank or a bank acting as an intermediary in the transaction.
Please make payments to your counterparties carefully (including possible verification of the quality of data stemming from the counterparties’ databases available in your accounting systems). Additionally, we would like to recommend that you provide your counterparties with your account number in the IBAN standard and your company’s full name consistent with registration documents, if needed.
At the same time, you are encouraged to familiarise yourself with the “Rules for Executing Foreign Payments” applicable at the Bank, which are published on the official website of mBank Group at:
Transactional Banking Department
* In the case of payment instructions placed by mBank’s Clients, the Bank ensures the relevant verification of the completeness of the originator’s data.