How is the Creditor Reference formed for SEPA payments in Finland?

The Creditor Reference (RF) is an international business standard based on ISO 11649. 

As from 18 November 2024, it is no longer necessary to use a Finnish creditor reference as the basis for generating an RF Creditor Reference. RF Creditor References may be freely formed in compliance with the ISO 11649 rules.

If the Finnish creditor reference is used, it must be formed from a valid Finnish reference number, so the structure is "RF" + two check digits + valid Finnish reference.

Examples for forming the Finnish reference number and for forming the Creditor Reference from the Finnish reference number if that is done:

Phase 1: Forming the Finnish reference number

• Basis of the reference:  12345
• Check digit for the Finnish reference number: 3
• Finnish reference number: 123453

Phase 2: Forming the Creditor Reference from the Finnish reference number

• Basis of the Creditor Reference: 123453
• Check digits for the Creditor Reference: 81
• Creditor Reference: RF81123453

Please find Useful links for additional information

• Introduction of the global Structured Creditor Reference in Finnish companies (by Finance Finland)
• Forming a Finnish reference number (by Finance Finland)
• Nordea Finland’s tool for calculating the check digit for Finnish reference number