Solution
- BIC = Business Identifier Code
The Business Identifier Code is an international code that banks use for financial transactions. Each bank has its own BIC. This way, European and international payment orders automatically arrive at the correct bank. The BIC is also called a SWIFT address or SWIFT code. The BIC of BNP Paribas Fortis is: GEBABEBB.
- ECB = European Central Bank
The European Central Bank is responsible for the euro, the European single currency. The main task of the ECB consists of maintaining the purchasing capacity of the euro, and so price stability, in the euro zone. The euro zone includes the 17 countries of the European Union that have used the euro since 1999.
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- EPC = European Payments Council
European banking decision-making body for SEPA payments.
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- Febelfin
Febelfin is the Belgian financial sector federation. It represents 280 members and reconciles the interests of all its members with those of policymakers, supervisory authorities and other professional associations and interest groups nationally and in Europe. It speaks on behalf of the financial sector as a whole (except fot the insurance sompagnies).
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- IBAN = International Bank Account Number
The International Bank Account Number identifies every account holder, including his/her bank and country of establishment. Thanks to this unique IBAN, banks can execute a payment automatically without further information.
Although no uniform length has been established for SEPA countries, the IBAN cannot exceed 34 characters. However, fixed lengths have been agreed by country. In France, an IBAN consists of 27 characters, compared with 22 for a German IBAN.
In Belgium, the (IBAN format) account number consists of 16 characters as standard:
- the ISO country code (BE for Belgium);
- two control digits;
- the existing Belgian account number.
For instance, the Belgian bank account number 001-1234567-44 would become BE48 0011 2345 6744 in the IBAN format.
- NBB = National Bank of Belgium
Since 1850, the national bank has been the central bank of Belgium. It performs tasks of general interest, nationally and internationally.
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- PSD = Payment Services Directive
This European Payment Services Directive defines the common legal foundation for payment services within SEPA.
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- SCT = SEPA Credit Transfer
The SEPA Credit Transfer (called "European transfer" in Belgium) is used for all domestic and cross border payments within all countries of the SEPA zone.
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- SDD = SEPA Direct Debit
The SEPA Direct Debit (called "European direct debit" in Belgium) replaces the national banking direct debit and automatic debit transfer systems in Europe.
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- SEPA = Single Euro Payment Area
This unique euro payment area establishes an integrated European market for payment instruments. The aim of SEPA is to ensure that payments within Europe take place as simply and effectively as those within a single country.
Find out more
The Business Identifier Code is an international code that banks use for financial transactions. Each bank has its own BIC. This way, European and international payment orders automatically arrive at the correct bank. The BIC is also called a SWIFT address or SWIFT code. The BIC of BNP Paribas Fortis is: GEBABEBB.
The European Central Bank is responsible for the euro, the European single currency. The main task of the ECB consists of maintaining the purchasing capacity of the euro, and so price stability, in the euro zone. The euro zone includes the 17 countries of the European Union that have used the euro since 1999.
Find out more
European banking decision-making body for SEPA payments.
Find out more
Febelfin is the Belgian financial sector federation. It represents 280 members and reconciles the interests of all its members with those of policymakers, supervisory authorities and other professional associations and interest groups nationally and in Europe. It speaks on behalf of the financial sector as a whole (except fot the insurance sompagnies).
Find out more
The International Bank Account Number identifies every account holder, including his/her bank and country of establishment. Thanks to this unique IBAN, banks can execute a payment automatically without further information.
Although no uniform length has been established for SEPA countries, the IBAN cannot exceed 34 characters. However, fixed lengths have been agreed by country. In France, an IBAN consists of 27 characters, compared with 22 for a German IBAN.
In Belgium, the (IBAN format) account number consists of 16 characters as standard:
- the ISO country code (BE for Belgium);
- two control digits;
- the existing Belgian account number.
Since 1850, the national bank has been the central bank of Belgium. It performs tasks of general interest, nationally and internationally.
Find out more
This European Payment Services Directive defines the common legal foundation for payment services within SEPA.
Find out more
The SEPA Credit Transfer (called "European transfer" in Belgium) is used for all domestic and cross border payments within all countries of the SEPA zone.
Find out more
The SEPA Direct Debit (called "European direct debit" in Belgium) replaces the national banking direct debit and automatic debit transfer systems in Europe.
Find out more
This unique euro payment area establishes an integrated European market for payment instruments. The aim of SEPA is to ensure that payments within Europe take place as simply and effectively as those within a single country.
Find out more
