Concept Definition
What is a bank transfer payment method?
Bank transfer (credit transfer) is a payment method in which the buyer instructs their bank to transfer funds directly to the supplier's bank account. It is the most common B2B payment method in Europe and is required in many public sector invoicing contexts. SEPA credit transfer is the standardized European variant.
What is a SEPA credit transfer?
SEPA (Single Euro Payments Area) credit transfer is the standard electronic funds transfer within the SEPA zone, covering the EU plus Iceland, Norway, Liechtenstein, Switzerland, and several other countries. It uses IBAN for account identification and processes in one business day.
Frequently Asked Questions
- Is bank transfer the default payment method in B2B e-invoicing?
- Yes. Bank transfer (PaymentMeansCode 30 or 58) is the most common payment method in B2B e-invoicing across Europe. Most ERP systems and e-invoicing platforms default to bank transfer when no other method is specified.
- What bank details should be included on an invoice?
- For bank transfer, an invoice should include: account holder name, IBAN, BIC (for non-SEPA transfers), and optionally the bank name and address. These are carried in the PayeeFinancialAccount elements in UBL and CII.