Bank accounts have to be validated in advance of any payment by the EU. When needed, you will be able to declare the necessary data, upload supporting documents and request their validation.
When is the bank account information required?
When registering your organisation for the first time, you do not need to declare any bank account information. As self-registrant (in the case of not yet validated organisations) or as LEAR (if your organisation was already validated), you will be invited to declare your organisation's bank account information if required in the context of a funding procedure.
This will be the case for the single participant in mono-beneficiary grants, for the coordinator of multi-beneficiary grants where payments are done exclusively to the coordinating participant, or for all members of the consortium if the funding programme has established payments to all participating entities.
Practical aspects: how is the bank account validated?
If your organisation requires the validation of a bank account:
- You will be informed in due time via your account in the Participant Register.
- You will have to fill in the Participant Register the basic information required to identify the bank account and upload relevant supporting documents. For these you have the choice between:
- Either a bank statement (or equivalent document from your bank such as a certificate of banking details or an online banking screenshot) issued within the last 6 months, containing the following mandatory information:
- name of the bank;
- name of the account holder;
- complete IBAN or account number;
- routing code, BSB or ABA (only for specific countries);
- and a relevant date of issue or date of a transaction showing that it was produced within the last 6 months.
- Or a Financial Identification Form (that you can download in the Participant Register itself, once the relevant information has been filled in) which must be stamped, dated and signed by a bank representative.
- We will then verify the information provided against the uploaded supporting documents and inform you about the outcome of the verification. We will contact you in case we need additional information.
If your organisation requires a modification of an already validated bank account, the process to follow is the same one as explained above: declare via the Participant Register the new data and upload the required supporting documents. Please note that not all types of modifications are yet supported and you can always contact the IT Helpdesk if your specific case is one of those.