IBAN change for clients of the former DZI Bank with regards to the merger of Postbank and DZI Bank

Why is the change of former DZI Bank clients’ IBAN necessary? 
In accordance with the completion of the merger of the two banks, the International Bank Account Number (IBAN) of clients of the former DZI Bank has to be changed to conform to the existing structure of a Postbank IBAN. 

When will my new IBAN be enforced?
The factual date of the change of DZI Bank IBAN account numbers is the 12th of November 2007. After this date clients will have to use their new IBAN for every transaction they make and don’t need to take any other action. 

Where can I receive my new IBAN number?
All clients will be notified of their new IBAN account numbers by means of personal correspondence from Postbank. You can receive more information regarding your new personal or corporate IBAN in any branch of Postbank or the former DZI Bank. 

Must I inform the National Social Security Institute about my IBAN change?
In accordance with the National Social Security Institute’s standpoint on the change of IBAN account numbers it is not necessary to file a new declaration as the Institute will be formally notified about the changes.

What is IBAN?
The International Bank Account Number (IBAN) is a number assigned to a customer bank account pursuant to ISO Standard Number 13616. By January 2006 IBAN was introduced in 42 countries. All EU member states apply IBAN standard. Each state which has introduced IBAN standard sets a special format and length of bank accounts.

What is IBAN in Bulgaria?
Application of IBAN in Bulgaria is set out in Ordinance No. 13 of the Bulgarian National Bank and it consists of an alphanumerical sequence of 22 characters. IBAN is generated to each customer account only by the servicing bank. As of the 5th of June 2006 all domestic and international payments have been effected from customer accounts in the IBAN format. These accounts will be identified by any bank in the EU member states and states which have adopted the IBAN standard.

What is the purpose of the introduction of the IBAN in Bulgaria?
IBAN makes payment processing easier and helps decrease the number of incorrectly effected transfers. IBAN improves efficiency, promptness and quality of effected domestic and international transfers, providing a greater degree of security. IBAN improves the accuracy of provided information and facilitates payers and beneficiaries of payments.

Upon acceptance of an order for a domestic transfer and for a transfer to a country which applies IBAN standard, each bank, by using the check digit, conducts checks as to the accuracy of specified account numbers of the payer and beneficiary (even if the beneficiary is a customer of another bank).
The risk of a delay or rejection of a payment due to inaccuracy diminishes as beneficiary accounts are to be credited only using IBAN.

What is the IBAN structure in Bulgaria?
IBANs for use in Bulgaria have an overall length of 22 characters and comprise these elements:

• a country code of BG;
• a check digit: two numerals. It serves in formal checks as to the precision of IBAN account entries.
• a Basic Bank Account Number (BBAN). It has an overall length of 18 alphanumerical characters and comprises these elements:
*a code of the bank comprising eight characters:

- a bank identifier of four characters being the first four letter characters of the existing Bank Identifier Code of the bank (BIC);
- a Banking Addressable Entity (BAE) identifier (BAE – a branch or office of the bank) of four numerical characters which uniquely identify each BAE within the bank;

*an identifier of the account (i. e. settlement, value added or other) of two numerical characters;

*the remaining eight alphanumerical characters follow a semantic logic which the bank determines.

Characters used within IBAN are Arabic numerals from 0 to 9 and Latin script capital letters from A to Z.
In electronic format IBAN is presented as a sequence of 22 characters without separations.
In paper format IBAN is presented as a sequence of 22 characters divided from left to right into groups of four characters each and where the last group is incomplete.

More information on IBAN is available on the BNB website, Payment System submenu.

For further details, please contact your servicing branch or call Postbank’s hotline - 0700 18 555.