IBANONLY: IBAN without BIC rollout for FI-CA Contract Accounting
The International Bank Account Number (IBAN) and the Business Identifier Code (BIC) allow the identification of any account in the 34 Single Euro Payments Area (SEPA) countries. Article 5(7) of the SEPA Regulation states that from 1st February 2014 for national payment transactions, and 1st February 2016 for cross-border SEPA payments, you, as a payment service provider, can no longer require payment service users to provide their Bank Identifier Code (BIC) when initiating a payment.
If you want to prepare your FI-CA payment transactions for IBAN so that service users do not have to enter their BICs any more, you have to make certain settings in different SAP components and change your customizing according to the KBA 2115809.
You can find all the required steps including additional necessary corrections and enhancements for FI-CA in the Knowledge Base Article 2115809.
Because this is a new solution we recommend you test all payment processes carefully before going live in a productive system.