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 photoIllustrative 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: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.

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Owls indicate spring is coming

Male owls lured by bird calls fly in to take a look at the intruder.

Long-eared owl

“By a sharp knife” cuts through the heart of injustice in Slovakia

A film inspired by the 2005 murder of student Daniel Tupý will be premiered to the Slovak public on February 21.

Director Teodor Kuhn behind the scenes of Ostrým Nožom.

The moment that changed my perception of the media

One flew over the newsprint: Images from the history of the Sme daily

Alexej Fulmek (right) and Karol Ježík in the early days of Sme.