IBAN Number for Wire payment processing

[Former Member]

Hi All,

When we entered IBAN number on Vendor master and click generate button, Bank key, bank Account details and Swift Code nomen clature like "XXXXFRXX" are automatically updated on vendor master. We believe Swift Code "XXXXFRXX" is just a nomen clature and we need to update correct Swift Code on vendor master. Please provide more details.

Thanks

Raghu

[Former Member · Accepted solution]

Hi

Refer the following links :

http://www.europebanks.info/ibanguide.htm#swift

http://www.xe.com/idt/

http://www.ecbs.org/iban/iban.htm#warning

Also Refer the following which is relevant to IBAN related Notes:

/people/pere.diaz/blog/2005/07/19/about-the-iban-international-bank-account-number

Regards,

G. BHASKARAN

[Former Member]

Yes, you need to update the correct SWIFT Code.

But IBAN is itself a complete account number to identify a bank account internationally, so the payment can be made using IBAN without any more details of SWIFT.

SWIFT is generally used, when IBAN is not available.

However better to have both.

Regards,

Gaurav