central-bank-malta-logoThe Central Bank of Malta has brought to our attention that customers are sometimes finding it difficult to effect payments electronically given that service providers are not displaying the IBAN and BIC on the invoices they issue.

It should be noted that the principle of displaying both the IBAN and BIC on invoices is found in EC Regulation 924/2009, whereby Article 4 (4), Measures for facilitating the automation of payments, states:

“Where appropriate, with regard to the nature of the payment transaction concerned, for all invoicing of goods and services in the Community, a supplier of goods and services that accepts payments covered by this Regulation shall communicate its IBAN and the BIC of its payment service provider to its customers.”

In this regard you are reminded that you should make available both the IBAN and BIC to your customers, so as to facilitate the payment of bills and invoices through electronic channels.

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