Central Bank of Oman announces IBAN implementation plan

MUSCAT : As per the implementation plan, Phase 1 covering international remittance is expected to be complete by the end of the first quarter of 2024. Local transactions, under Phase 2, will be initiated after the completion of Phase 1.

The IBAN system will standardize bank account identifiers across Oman, facilitating international transactions and streamlining domestic payments in the future.

Towards this end, banks require to take the following actions:

• Upgrade bank systems to accommodate IBAN generating and processing

• Test and validate IBAN in banks systems including all digital banking channels

• Raise awareness – advising the customers on the benefits of IBAN and the ways to generate and use IBAN for transaction processing

• Provide online services to their customers for the generation and validation of IBAN numbers.

IBAN, a global standard to identify bank account numbers across national borders, will simplify transactions, increase transparency , enhance efficiency and modernize financial services.

IBAN eliminates the need for complex account numbers and bank codes, thereby improving transparency and reducing risk of errors. It provides clear identification of financial institutions, promoting greater transparency within the financial system.

IBAN streamlines domestic and international payments, saving businesses and individuals time and faster processing. It is recognised and used in over 80 countries, making it a trusted and reliable standard for international transactions. This strengthens Oman’s position in the global financial market.

It is also a significant step forward in modernizing Oman’s financial infrastructure enabling seamless local and international payments.

The IBAN system affixes a unique alphanumeric code to individual account holders. The IBAN number starts with a two-letter code of the country (OM) in which the account is opened, followed by two check digits that validate the country code, three digit bank identifier and 16-digit customer account number.

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The post Central Bank of Oman announces IBAN implementation plan appeared first on The Arabian Stories News.

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