Latest news with #IBANs
Zawya
17-04-2025
- Business
- Zawya
Bahrain's Khaleeji Bank unveils money transfer service
Bahrain - Khaleeji Bank has announced the launch of Visa+, a new service that enables users to send money to Visa cardholders in the GCC using only the recipient's mobile number. It is among the first banks to offer this service, marking a significant milestone that reflects the market's readiness to adopt next-generation financial solutions and accelerate digital experiences. With Visa+, Khaleeji Bank customers can transfer funds to Visa debit and prepaid cardholders in other GCC countries using only the recipient's mobile number. This eliminates the need to share sensitive information such as 16-digit card numbers (Primary Account Numbers) or International Bank Account Numbers (IBANs), making the transaction both safer and more convenient. Khaleeji Bank head of retail banking Ameera Al Abbasi said: 'As a bank that consistently leads in delivering the latest innovations to our clients, we are proud to launch the Visa+ service, which represents a transformative shift in the world of money transfers. At Khaleeji Bank, we believe in offering modern, secure, and intuitive banking solutions that align with our customers' evolving needs and aspirations.' She added: 'This service enables customers to send money effortlessly to Visa cardholders across the GCC using just a mobile number – no card details or account numbers required. It's a simple, secure and fast transfer experience. We invite all our clients to explore this unique feature, which reflects the future of digital banking transactions.' Visa+ also supports financial institutions by enhancing the money transfer experience and strengthening privacy protections for both senders and recipients. It is applicable to various use cases, including peer-to-peer (P2P) payments, loan disbursements, and cross-border remittances. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
CairoScene
04-04-2025
- Business
- CairoScene
Central Bank of Oman Mandates IBAN for Domestic Transactions
Banks in Oman have been directed to raise awareness on the benefits of using IBANs for safer and faster transactions. Apr 04, 2025 The Central Bank of Oman (CBO) has announced that the International Bank Account Number (IBAN) will become mandatory for all domestic transactions effective July 1, 2025. This initiative aims to streamline local payment systems, reduce operational errors, and accelerate fund transfers between individuals and businesses, thereby enhancing the overall customer experience. Following the successful implementation of IBAN for international transactions on March 31, 2024, which resulted in significant improvements in transaction accuracy and processing speed, CBO is discontinuing the acceptance of international transfers without an IBAN. In line with this development, CBO has directed all local banks to cease accepting cross-border transfers lacking an IBAN as of July 1, 2025. Banks are also instructed to launch awareness campaigns and provide clear guidance to customers on the use and benefits of IBAN to ensure a seamless transition. CBO urges all customers to obtain their IBANs from their respective banks and to use them in all financial transfers to ensure secure, error-free processing.
