Bahrain adopts IBAN numbers to boost transaction speed

The International Bank Account Number will be effective in the kingdom from January 2012
Bahrain adopts IBAN numbers to boost transaction speed
Bahrains Central Bank on Wednesday said it adopted the International Bank Account Number (IBAN), effective in the kingdom from January 2012, to speed up the transaction processes of payments
By Reuters
Wed 20 Apr 2011 01:10 PM

Bahrain's Central Bank on

Wednesday said it adopted the International Bank Account Number

(IBAN), effective in the kingdom from January 2012, to speed up

the transaction processes of payments.

The IBAN, an international standard for the numbering of

bank customer accounts and accredited by the International

Organization for Standardization (ISO), would serve customers in

the kingdom starting from the end of January 2012, the central

bank said in a statement on the state news agency.

The move towards IBAN would express bank customer account

numbers in an ISO standard compliant format, the bank said on

the BNA website.

"The use of such an internationally accepted format will

immensely improve the efficiency of electronic payments and

bring a number of benefits to bank customers," it said.

"Banks will be able to process a transaction efficiently and

promptly through processing the IBAN of the recipient and will

allow the bank customers to make or receive their payments much

faster."

The number is a way of identifying a bank account which cuts

down errors and delays in international payments with a lower

risk of propagating transcription errors.

"The adoption of IBAN is a step to increase the efficiency

of electronic payments in Bahrain," said Ahmed Buhijji, Director

of the Banking Services Directorate at the Central Bank of

Bahrain.

The IBAN was originally developed to facilitate cross-border

payments within the European Union, but the format is

increasingly applied globally.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.