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The Central Bank of Oman announces the implementation of IBAN for local financial transactions and the suspension of incoming cross-border transfers without IBAN3/26/2025 3:00:00 PMThe Central Bank of Oman announces the implementation of IBAN for local financial transactions and the suspension of incoming cross-border transfers without IBANAs part of its ongoing efforts to enhance the efficiency and security of financial transactions, CBO is pleased to announce the go-live date for implementing the International Bank Account Number (IBAN)<p style="text-align:justify;"></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">As part of its ongoing efforts to enhance the efficiency and security of financial transactions, CBO is pleased to announce the go-live date for implementing the International Bank Account Number (IBAN) on the domestic financial transactions, as of 1st July 2025. This expansion will enhance the efficiency of local payment transactions, minimize operational errors, and expedite financial transfers between individuals and businesses. It will also improve the overall customer experience by ensuring faster and more secure banking transactions.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">It is worth noting that CBO implemented the IBAN system for international transfers on 31st March 2024. This initiative has significantly improved transaction accuracy, reduced errors, and accelerated processing times for both local and international bank transfers. Given the success of this implementation, CBO is taking the next step by discontinuing the acceptance of international transfers that do not include an IBAN. This measure ensures further alignment with international standards and best banking practices.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">In this context, CBO has issued directives to local banks to stop receiving cross-border transfers that do not include IBAN number, as of 1<sup>st</sup> July 2025. Instead, the use of IBAN Number will be mandatory for all incoming international transactions. Banks have been guided to implement an awareness campaigns for their customers on the importance of using IBAN number and its benefits. It was also stressed on the need to provide the necessary guidelines to ensure safer and faster banking experience.<br> <br>The Central Bank of Oman urges all customers to ensure they obtain their IBAN from their local banks and to use it in all financial transfers to ensure smooth transaction processing.</span></p><p style="text-align:justify;"><span class="ms-rteThemeFontFace-1 ms-rteFontSize-3">For more information, please visit the Central Bank of Oman's website or contact your bank for further details on IBAN and how to use it in financial transactions.<br></span></p>0x010100C568DB52D9D0A14D9B2FDCC96666E9F2007948130EC3DB064584E219954237AF3900075E4FF44B3F64489802BE694C5C6FB70300A9BCF8A0432A87429120A5B0A0EDBFF9

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