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titleBank Account File / BAF

Term: BaselineBank Account File

Acronym: BAF

Definition:

The Bank Account File (BAF): is the database containing all necessary banking details allowing a correct execution of payment instructions to beneficiaries. It contains some 600.000 active records. Authorising services submit their requests for validation of a bank account. After confirmation of the Bank Account Validation Team (BAVT) in DG BUDG the data enters the BAF.

There are four different payment methods. Yet, the preferred one is:

  • VIR – Bank Transfer

This payment method represents 97% of all payment instructions and demands the communication, via the Financial Identification Form (FIF), of a bank account number or IBAN (depending on the country).

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