Wyoming Finance

Jul 27 2017

International account number IBAN #iban #bank #account


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International account number IBAN

In Estonia, the local inland account number (BBAN – Basic Bank Account Number) was used for domestic payments. IBAN, however, refers to the international account number (International Bank Account Number) which has previously been used mainly for international payments.

IBAN is a standardised account number format consisting of letters and numbers and besides the individual’s or company’s account number it also includes the attributes of the country, bank, and, if necessary, the branch. A common standard significantly helps to simplify the automatic processing of payments made to the banks of countries within the European Economic Area and reduces errors because the sending bank can check the correctness of the account number already before sending out the payment from the bank.

From 1 February 2014. use of the domestic account number BBAN in Estonia was discontinued. Instead, the IBAN account number came into use for both domestic and international payments.

SEB bank is switched to the IBAN format account number on 8 December. As of that date, the client shall see his regular account number as a 20-digit number in his Internet bank, on account statements, payment orders, etc. In addition to the client’s account number, we also converted the payee account numbers for predefined payments, standing payments, and direct debits/ e-bill standing payments into the IBAN format.

The Estonian IBAN is 20-digits: a six-digit IBAN header, followed by the 14-digit domestic account number. In case the current account number is shorter than 14 digits, the requisite number of zeros shall be added in front of it. IBAN starts with the two-letter country code (for Estonia EE), followed by two check digits (different for each IBAN number), then a two-digit bank identifier code, and the Estonian account number.

Example:
Domestic account number: 10 1234 5678 9012
The account number in IBAN format: EE 90 10 10 1234 5678 9012

What does the change mean for businesses

  • For businesses, switching to IBAN means developments in the current financial software and changes in data bases that have to be planned and implemented already this year. From 1 February 2014, at the latest, the businesses have to:
    use financial software formats that allow for the entry of account numbers with up to 34 digits (the maximum length of IBAN) and that includes both numbers and letters;
    have renewed their data bases – account numbers for payment partners and employees have both been changed to the IBAN format;
    – ensure that bills issued from 1 February 2014 have the account numbers only as IBANs.
  • We allow our business clients to forward account numbers in payment order files parallelly, in both the old and IBAN format, until 1 August 2014. We shall forward the client account numbers in the old format in electronic account statements until 1 August. If you want to switch your accounting system to the IBAN format before 1 August 2014, you can order a statement with account numbers in the new format, as follows:
    – For a regular subscription, terminate the current order in the Internet bank and subscribe to the new IBAN statement.
    – When viewing the account statement in the Internet bank, choose the IBAN format statement from the account statement options. As from 1 August, all account statements issued by SEB bank shall feature account numbers in the IBAN format only.
  • You can find your company’s account numbers in the IBAN format in the business client’s Internet bank.
  • We have converted the account numbers for domestic predefined payments and standing payment orders to the IBAN format for you.
  • SEB account numbers can be converted to IBAN on the website and with the IBAN calculator on the website; in addition, the Banking Association website features tools for changing domestic account numbers.

Should you have any questions, please contact your company’s client executive, call Customer Support at 665 5100 or write to .



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