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Banks will use IBAN format only

SLOVAKS will have to use the International Bank Account Number (IBAN) in all banks as of February 1.

Illustrative stock photo(Source: Sme)

The new 24-symbol number will be used when making payments through internet banking or payment order in banks’ branches, the SITA newswire reported.

Europe decided to unify the payment system especially in the eurozone member states, and also in some adjacent countries, which are now part of the Single Euro Payments Area (SEPA). The process started in 2014.

Read also: Read also:Payment terms will change

“After February 1, 2016 banks will take the payment orders to SEPA countries with accounts exclusively in IBAN form,” Ingrid Kosibová of ČSOB bank said, as quoted by SITA.

She added that the new IBAN schemes are already implemented into their internet banking accounts and that the bank will automatically re-format the existing numbers of accounts within standing orders and encashment into IBAN format soon. The firms should change their booking system to the new SEPA format of payment orders by the end of January, Kosibová added.

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