Central Bank of Oman announces IBAN implementation plan

Central Bank of Oman announces IBAN implementation plan

The Central Bank of Oman, along with the banking community, has launched the IBAN (International Bank Account Number) project

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