What is an IBAN and BIC why do I need to use them in relation to payment transfers?

A BIC is a bank identification number and an IBAN is an international bank account number. Transfers to/from Izola Bank to/from Belgian/French banks are considered cross-border transfers. EU rules apply concerning such transfers and if the customer abides by these rules then such transfers are to be treated as domestic transfers and priced accordingly. The rules basically state that the payment instruction should include a valid BIC and IBAN.