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List of abbreviations used under SEPA

  • BIC = Bank Identifier Code
    The Bank Identifier Code is an international code that banks use for financial transactions. Each bank has its own BIC. This way, European and international payment orders automatically arrive at the correct bank. The BIC is also called a SWIFT address or SWIFT code. The BIC of BNP Paribas Fortis is: GEBABEBB.
     
  • ECB = European Central Bank
    The European Central Bank is responsible for the euro, the European single currency. The main task of the ECB consists of maintaining the purchasing capacity of the euro, and so price stability, in the euro zone. The euro zone includes the 17 countries of the European Union that have used the euro since 1999.
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  • EPC = European Payments Council
    European banking decision-making body in the area of payments. It coordinates all activities that should lead to the introduction of SEPA.
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  • Febelfin
    Febelfin is the Belgian financial sector federation. It represents 238 members and reconciles the interests of all its members with those of policymakers, supervisory authorities and other professional associations and interest groups nationally and in Europe.
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  • IBAN = International Bank Account Number
    The International Bank Account Number identifies every account holder, including his/her bank and country of establishment. Thanks to this unique IBAN, banks can execute a payment automatically without further information.
    Although no uniform length has been established for SEPA countries, the IBAN cannot exceed 34 characters. However, fixed lengths have been agreed by country. In France, an IBAN consists of 27 characters, compared with 22 for a German IBAN.
    In Belgium, the (IBAN format) account number consists of 16 characters as standard:
    • the ISO country code (BE for Belgium);
    • two control digits;
    • the existing Belgian account number.

    For instance, the Belgian bank account number 001-1234567-44 would become BE48 0011 2345 6744 in the IBAN format.
     

  • NBB = National Bank of Belgium
    Since 1850, the national bank has been the central bank of Belgium. It performs tasks of general interest, nationally and internationally.
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  • PSD = Payment Services Directive
    This European Payment Services Directive defines the common legal foundation for payment services within SEPA.
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  • SCT = SEPA Credit Transfer
    The SEPA Credit Transfer (called "European transfer" in Belgium) is to replace the complete range of local euro-denominated payment systems in Europe, both domestic and cross-border.
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  • SDD = SEPA Direct Debit
    The SEPA Direct Debit (called "European direct debit" in Belgium) represents a major advance on our current diversity of national banking direct debit and automatic debit transfer systems, existing today in Europe.
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  • SDD €asyCollect = SEPA Direct Debit €asyCollect
    This is the new application developed by BNP Paribas Fortis for management of your SEPA Direct Debit mandates and translation of your direct debit transfer files into the XML format.
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  • SEPA = Single Euro Payment Area
    This unique euro payment area establishes an integrated European market for payment instruments. The aim of SEPA is to ensure that payments within Europe take place as simply and effectively as those within a single country.
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