BIC and IBAN
Payments transferred in the Euro zone use BIC codes and IBAN numbers. The BIC code identifies the payee's bank and the IBAN number the payee's account. With these codes and numbers the payment is routed to the payee.
BIC
With the Bank Identifying Code (BIC) the payee's bank is identified.
IBAN
The International Bank Account Number (IBAN) is an internationally used account number. In Finland the number is generated from the national bank account number. The country code of the account keeping bank (FI) is followed by a two-digit check number calculated from the national account number. The end of the IBAN is basically the national account number.
The IBAN might consist of more letters than the country code only.
BIC
Bank Identification Code
IBAN
International Bank Account Number
ISO 20022
ISO 20022 is the ISO standard for financial services messaging. The repository contains a huge amount of financial services metadata that has been shared and standardized across the industry. SEPA payment messages are based on the standard.
XML
Extensible Markup Language (XML) is a set of rules for encoding documents in machine-readable form. It is a textual data format with strong support via Unicode for the languages of the world. Although the design of XML focuses on documents, it is widely used for the representation of arbitrary data structures and the exchange of data between information systems.