International Bank Account Number (IBAN)
The International Bank Account Number (IBAN) is a digital standard for customer bank accounts globally. It is based on international standards for account numbers, providing a universally recognized format for the number of account fields. The Central Bank of Iraq has established a committee to implement the IBAN system in Iraqi banks, and it came into effect on January 2, 2023. It has been successfully implemented in our bank, and ongoing efforts are in place to ensure its functionality.
Objectives of Using IBAN:
-
Facilitating improved banking services.
-
Reducing errors in processing local and international financial transfers with faster execution.
-
Streamlining bank transfers for local and international payments, thereby expediting the transfer and deposit of international financial transactions.
-
Reducing the number of rejected payments due to errors in account numbers.
-
Increasing the reliability and efficiency of online financial transfer procedures performed by customers.
-
Enhancing the security of financial information accompanying bank transfers.
-
Reducing the number of returned payments due to errors in account numbers
-
Increasing the reliability and efficiency of online money transfer procedures carried out by customers.
-
Enhancing the security of financial information associated with bank transfers.
When Customers Use the IBAN:
-
When transferring funds abroad to countries that use IBAN (both the sending and receiving customer's IBAN must be included).
-
When transferring funds to a beneficiary at another bank within Iraq (both the sending and receiving customer's IBAN must be included).
-
For incoming transfers to the customer's account from outside Iraq, the customer within Iraq must inform the sending party outside Iraq of their IBAN.
