FSA grants bank identification codes for IBAN starting 10 January 2017
The amendments of Credit Institutions Act and Payment Institutions and E-money Institutions Act came into force on 10 January 2017. According to the amendments the FSA took over the right to grant bank identification codes for IBAN.
According to the law the FSA will now have the right to issue and revoke identification codes to credit, payment and e-money institutions. This task used to be carried out by the Estonian Banking Association, all identification codes granted by them are still valid.
The identification code is a unique two-digit numeric identifier in the International Bank Account Number (IBAN). The identification code is always placed on the fifth and sixth position in the IBAN, after the country code and check digits. The identification code enables to identify the company upon execution and automatic processing of a payment order.
The FSA has drawn up an advisory guideline (in Estonian) on the process concerning the identification codes. Granted identification codes are available on the FSA web site.