Both must be correct or payment will be rejected. BIC + IBAN international bank transfers are faster, more efficient, and low-cost as they are sent directly through the SWIFT interbank network without using intermediary banks (who deduct charges or fees for their service). The International Bank Account Number or IBAN is a bank account number designed to simplify and speed cross border transfers; it is structured according to ECBS format. The community of financial sectors worldwide recognize the technological benefit of SWIFT system that it outperformed the TELEX system. This delay is not the first that the FSA has been forced to announce (see our coverage here): the launch has been delayed for nearly two years, as the regulator has struggled to get its current surveillance system up to scratch in order to be able to process transaction reports for AII transactions.

Country	City	Bank Name	Branch	SWIFT
United Kingdom	Stockport	Gann Management Limited	Gann Management Limited	GAMNGB21XXX