Oman: IBAN must mandatory for all domestic transactions from July 1
Muscat: To enhance the efficiency and security of financial transactions, the Central Bank of Oman (CBO) has announced the go-live date for implementing the International Bank Account Number (IBAN) on domestic financial transactions, from July 1, 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 customer experience by ensuring faster and secure banking transactions.
CBO implemented the IBAN system for international transfers on March 31, 2024, which significantly improved transaction accuracy, reduced errors, and accelerated processing times for both local and international bank transfers. Given the success of this implementation, CBO said it is taking the next step by discontinuing the acceptance of international transfers that do not include an IBAN.
CBO has issued directives to local banks to stop receiving cross-border transfers that do not include IBAN, as of 1st July 2025. Instead, the use of the IBAN Number will be mandatory for all incoming international transactions. Banks have been guided to implement awareness campaigns for their customers on the importance of using IBAN and its benefits.
It was also stressed the need to provide the necessary guidelines to ensure a safer and faster banking experience.
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.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
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