​​​​​​​​​​​International Bank Accoun​t Number - IBAN ​

 

What is IBAN ?

IBAN, or "International Bank Account Number," represents the ISO 13616 international standard used for bank account numbering. This system supports the exchange and processing of transactions across borders by enabling the sharing of account identification information in a format that machines can read

 

What​ d​oes IBAN Consists of ?

Numbers and Characters. The number starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters based on the bank account number.

 

What is IBAN's Purpose ?

IBAN does not replace a bank's own ​account numbering, as it’s only meant to provide additional information that helps in identifying overseas payments to ensure accuracy and reduce errors in ​this process.​

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b. IBAN Implementation plan – Two phases

• Phase one, focused on the International Remittance, was successfully executed on 31st Mar 2024.

• Phase two, focusing on local transactions, is scheduled for implementation in the near future (TBD).

c. IBAN scope and usage:

• All Cross-border incoming Electronic Payments to customer accounts of Banks in Sultanate of Oman from customer accounts of banks/financial institutions in “Countries that have adopted IBAN” as well as “Countries that have not adopted IBAN”.

• Domestic Electronic Payments to and from customer accounts of Banks in Sultanate of Oma​n.

• Cross-border outgoing Electronic Payments from customer accounts of Banks in Sultanate of Oman to customer accounts of banks/financial institutions in “Countries that have adopted IBAN” where the use of IBAN is mandatory.​​

Disclaimer

"This tool is for indicative purposes only. We strive to make the tool as accurate as possible, but users are advised to verify and obtain the correct IBAN directly from the beneficiary. In no circumstances shall the CBO be liable or responsible for any loss or damage suffered by you as a result of errors, inaccuracies, or omiss​ions in IBAN structure verification, or from any action or decision taken as a result of using or inability to use this tool. Please use our tool at your own risk." ​​

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