A question came up in today’s EBA sessions for Joe Pawelczyk, Vice President for
International Relations at CHIPS, the American Clearing House for over $2 trillion of
wire payments each day. The question seemed quite simple: “Why doesn’t America
use IBANs for their bank account numbers, as all of Europe has now standardised
Joe looked a bit non-plussed and piped up with: “Because we
cannot define a stadnardised account number.”
Well, a standardised account number is an IBAN (International Bank Account
Number) and BIC (Bank Identifier Code) isn’t it?
I just noticed.