To change a bank account in a grant agreement (Life, Horizon 2020, Horizon Europe, etc.), you have to submit a new financial identification form. The financial identification form is the official document provided by the European Union (EU) to be filled by each entity willing to receive a bank transfer from the EU. If you are a partner of the project, you have to send the form filled to the coordinator, as it is the coordinator that is managing the funds of the grant. If you are the coordinator, you have to send it to the project officer of the funding authority (i.e. European Commission).
To avoid delays in the payment, you have to submit your amendment request with the new financial identification form before the submission of the financial report to the coordinator or funding authority. This will ensure that the payment is not suspended because of the change in the bank account in a grant agreement.
If this is already too late, then include the amendment request and the financial identification form with the payment request.
Bank account validation
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.
Source: EC Website