Herbst HRM (2016) Released


SEPA “IBAN Only” rule is now supported.

According to the “IBAN Only” rule, customers are not required or obliged to provide BIC details to their banks for SEPA Direct Debits and Credit Transfers; an IBAN is sufficient. This SEPA Regulation provided EU Member States with the option to defer application of the rule for national transactions to 1 February 2016. Since February 2016, this becomes mandatory in the Euro zone, and by November 2016 in the rest of the SEPA zone.

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