Banking standards

Unified transfer form

The new transfer standard is based on a unified form for all-purpose use : national and international transfers in EUR, in a foreign currency, etc.... The advantages for the user are self-evident: by using the unified form and systematically filling in the essential fields, users can rest assured that their transfer order will be automatically executed in the payment systems.

For printers, the data is available on demand.

IBAN and BIC codes for cross-border payments

In order to improve the performance of cross-border payment systems, a number of measures have been taken: a uniform account number structure called IBAN has been introduced, together with a harmonized code identifying the bank at which the account is held, known as the BIC code.

The structure of the IBAN number (International Bank Account Number) is as follows:
« IBAN » + country code (2 letters) + check characters (2 digits) + national number (fixed length for each country). Only the bank which holds the account is authorised to generate the IBAN account number.

IBAN is based on the addition of information to the existing standard national formats. This enables the accuracy of a bank account number to be checked, regardless of the country of origin. Uniform information is also available to facilitate automatic processing (country code, bank code, account number, check number or check digit).

For accounts held with Luxembourg banks an IBAN number takes the following form: IBAN LU97 8881 2345 6789 0123.

The BIC code, also referred to as the SWIFT code, is an identification code for the bank with 8 or 11 positions.

Since 1 January 2002, Luxembourg banks have been supplying IBAN and BIC numbers to their customers upon request.

The IBAN LUX codes and BIC codes may be downloaded below.

If you as a beneficiary are likely to receive cross-border payments, we advise you to notify your bank's IBAN number and BIC code to your correspondents.

If you give instructions for a cross-border payment to be made, you are advised:

to ask the beneficiary to supply you with the IBAN and BIC numbers for the account to be credited;
to state these IBAN and BIC numbers on the transfer order addressed to your bank.

Correspondent Central Banking Model (CCBM)

A brochure, which explains the working of the Correspondent Central Banking Model, was issued by the European Central Bank. In box 1, on page 7, you will find a list of «Best Practices» intended for custodian banks involved in CCBM transactions. These «Best Practices» are supported by all the European associations in the banking sector, thus also including the ABBL.

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