December 18, 2006
BIC/IBAN on EUR payment instructions as of 1 January 2007Danske Bank Group will adhere to the resolution 092/05 issued by the European Payments Council regarding mandatory use of BIC and IBAN as of 1 January 2007.
Danske Bank Group will regard incoming EUR commercial payments without valid BIC and IBAN as non-STP payments in accordance with the EPC resolution but will continue to process payments on a best effort basis, and will charge a non-STP fee according to our fee schedule.
The STP format requirements accessible on our website have been updated accordingly.
MiFIDMiFID may be hard to pronounce but it will soon have a major impact on the Danske Bank Group's handling of securities trades. MiFID ("Markets in Financial Instruments Directive") involves detailed demands to how securities traders should be organised, new investor protection rules and new rules for investment advisors. Therefore it will cover many aspects of the Group's handling of securities trades.
MiFID is the EU directive about markets for financial instruments, which sets out to achieve common rules across Europe for securities trading. The overall goal is to establish a single market for securities trading in order to promote trading across borders. The way to achieve this is to have a common set of rules protecting investors, supporting transparency and joint rules. The rules will affect investment bank activities, portfolio management, broker activities and corporate finance activities.
Award for Successful MigrationThe Danske Bank Group has won an international prize for its migration of Northern Bank and National Irish Bank to the Danske Bank platform. The British organisation APM (Association for Project Management) awarded the project the prize “Programme of the Year”. It was the third international prize won by the successful migration, including the ICT Excellence Award 2006 and IT Team of the Year Award.