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What is Electronic Banking Internet Communication Standard mean?
The Electronic Banking Internet Communication Standard (EBICS) is a German transmission protocol developed by the German Banking Industry Committee for sending payment information between banks over the Internet. It grew out of the earlier BCS-FTAM protocol that was developed in 1995, with the aim of being able to use internet connections and TCP/IP. It is mandated for use by German banks and has also been adopted by France and Switzerland.
EBICS is used in the Single Euro Payments Area: the standard can be used as the secure communication channel to initiate SEPA Direct Debits and SEPA Credit Transfers using the Internet. SEPA concentrates on standardisation of clearing protocols in the inter-bank networks. The SEPA-Clearing guidelines do not supplant any national clearing transmission protocols. Theoretically the national banking transmission standards could be prolonged for decades.
referencePosted on 12 Jan 2025, this text provides information on Miscellaneous in Banking related to Banking. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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