Who knows their IBAN and BIC?
A question came up in today’s EBA sessions for Joe Pawelczyk, Vice President for International Relations at CHIPS, the American Clearing House for over $2 trillion of wire payments each day. The question seemed quite simple: “Why doesn’t America use IBANs for their bank account numbers, as all of Europe has now standardised on this?”
Joe looked a bit non-plussed and piped up with: “Because we cannot define a stadnardised account number.”
Well, a standardised account number is an IBAN (International Bank Account Number) and BIC (Bank Identifier Code) isn’t it?
Oh wait.
I just noticed.
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