Oman to implement IBAN banking system  

Oman to implement IBAN banking system  

Central Bank of Oman has announced a plan to introduce the International Bank Account Number (IBAN) standard in the sultanate.Muscat – Central Bank of Oman (CBO) has announced a plan to introduce the International Bank Account Number (IBAN) standard in a bid to modernise the sultanate’s financial system and foster seamless domestic and international transactions.

CBO’s IBAN project, involving collaboration with the sultanate’s banking community, marks a significant step forward in Oman’s pursuit of a more efficient, transparent and globally connected banking system.

‘IBAN is a globally recognised standard that facilitates the identification of bank account numbers across national borders. The standard is currently used in over 80 countries,’ CBO stated in a post in X.

By adopting the IBAN system, CBO aims to further simplify financial transactions, increase transparency and streamline payment processes in the sultanate, ultimately enhancing the overall efficiency of the banking system.

CBO said key benefits of adopting IBAN include simplification of complex account numbers and bank codes, reducing the risk of errors and promoting greater transparency within the financial system. IBAN also offers faster processing times for both domestic and international payments, saving time for businesses and individuals alike.

According to CBO, IBAN is a significant step forward in modernising