Latest news with #InternationalBankAccountNumber
Observer
24-05-2025
- Business
- Observer
What is an International Bank Account Number (IBAN)
Muscat: The CBO will implement the International Bank Account Number (IBAN) on domestic financial transactions from July 1, 2025, aimed at enhancing the efficiency of local payment transactions, minimizing operational errors, and expediting financial transfers between individuals and businesses. CBO implemented the IBAN system for international transfers on March 31, 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. In this context, CBO has issued directives to local banks to stop receiving cross-border transfers that do not include IBAN, as of July 1, 2025. Instead, the use of the IBAN Number will be mandatory for all incoming international transactions. What is an IBAN IBAN, or "International Bank Account Number," represents the 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. The number starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters based on the bank account number. BAN 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. The IBAN for the Sultanate of Oman is fixed in length, 23 characters, to make it as long as per the requirements and as short as possible to ensure convenience to customers and Banks. Country Code: The first 2 characters of the IBAN are fixed as 'OM', which is the ISO 3166-1 two-letter Country Code that identifies Oman as the country where the bank that services the customer account is located. Check Digits: The third and fourth characters of the IBAN are numeric and represent the check digits (2 digits) which are generated by the bank that issues the IBAN. The IBAN shall be used by Banks and their customers for Electronic Payments, which includes a. All Cross-border incoming Electronic Payments to customer accounts of Banks in the 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 the Sultanate of Oman. 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. Customers shall be allowed to use IBAN in making cross-border, outgoing Electronic Payments from their Bank accounts in the Sultanate of Oman to customer accounts of banks/financial institutions in other countries that have adopted IBAN, but the use of IBAN is not mandatory.
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.
Arabian Business
04-04-2025
- Business
- Arabian Business
Oman mandates IBAN for domestic transfers from July 2025
Oman will implement the mandatory requirement of International Bank Account Number (IBAN) for domestic financial transactions from July 1, 2025. Making the announcement, the Central Bank of Oman (CBO) said the IBAN requirement is part of its ongoing efforts to enhance the efficiency and security of financial transactions. This requirement will enhance the efficiency of local payment transactions, minimize operational errors, and expedite financial transfers between individuals and businesses, the apex bank said. It will also improve the overall customer experience by ensuring faster and more secure banking transactions, it added. CBO implemented the IBAN system for international transfers from March 31, 2024, in alignment with international standards and best banking practices. In this context, CBO has issued directives to local banks to stop receiving cross-border transfers that do not include IBAN number from July 1. Banks have also been asked to implement awareness campaigns for their customers on the importance of using IBAN number and its benefits.
Gulf Insider
03-04-2025
- Business
- Gulf Insider
Oman: IBAN Mandatory For All Domestic Transactions From July 1
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.
Zawya
03-04-2025
- Business
- Zawya
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. (
