Useful information

Lloyds TSB will be ready to make and receive SEPA Credit Transfers from January 2008.  Below is a checklist to help ensure you are ready to use this service.
The use of BIC and IBANs are mandatory for all SEPA payments, we therefore advise you to:

• Collate BIC and IBAN references for all domestic and cross-border suppliers, as these details need to be quoted on all payments.ensure you quote BIC and IBAN details on all invoices to ensure creditor payments can be straight-through processed.
• Send payments on a timely basis to benefit from SCT as the payment is a 3-day product.
• Don’t add any special instructions or different charging options as this will stop the payment from being sent as a SCT.
• Speak to your Relationship Manager if you are at all unsure how your organisation can benefit from SEPA.
• The use of BIC and IBANs are mandatory for all SEPA payments. Below is a guide to these identifiers.
  

 BIC –    Bank Identifier Code

                  Identifies the beneficiary bank for a payment.
                  This is an 8 or 11 character ISO code assigned by  
                  SWIFT.A BIC is structured as follows:

                  LOYDGB11222

                     Account numbering scheme at international level.
                     This includes country reference as well as bank
                     and account details. The maximum length of an IBAN is 34
                     characters, IBAN is structured as follows (the example below
                     is a UK 22 character IBAN):

                     GB29LOYD30112200123456

BIC and IBAN verification applications are available to integrate into your back office systems. Lloyds TSB would be happy to introduce you to a recommended supplier. Please contact your relationship team for more details