Tsentralna kooperativna banka Sofia : A change in the payment orders for interbank wire transfers

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• A change in the payment orders for interbank wire transfers

Dear clients,

In view of simplifying and minimizing the necessary information, which persons and companies are to submit to banks for the performance of interbank cross-border transfers, from 01.11.2016 CCB Plc offers you a facilitation upon ordering transfers to banks in countries, where the IBAN standard is adopted. The IBAN (International Bank Account Number) is a standard for a unique identifier for a bank client account, which has been adopted in all countries of the European Union, plus some other countries such as Macedonia, Serbia, Turkey, Bosnia and Herzegovina, Moldova, Ukraine, Israel, UAE, Jordan, Saudi Arabia, Tunis, Morocco, etc.

So far the ordering customers used to identify the bank accounts of the beneficiaries of the transfers, ordered by them via the combination 'IBAN + BIC'. Now, if you have specified the correct beneficiary's IBAN, it is not necessary anymore to specify the BIC, the name or the address of the beneficiary's bank. Except for the name of the beneficiary, you might specify only his/her IBAN, and if it is correct, we will automatically determine with 100% precision its corresponding BIC, as well as the bank name of the beneficiary of your transfer.

For transfers to banks in countries, which do not use the IBAN standard (for example, USA, Canada, Australia, Japan, China, India, Brazil) there remains in force the requirement for identification of the beneficiary's bank via BIC, and when the transfer is to USA - possibly via a national bank code (Routing / ABA Number).