The International Bank Account Number (IBAN) is a new standardized international format for your bank account number.
What is IBAN?
- IBAN is a mandatory requirement to send and receive local and international payments between banks in a secured way
- The IBAN follows an internationally accepted standard
- IBAN is not a new Bank Account Number
- IBAN will include additional characters and numbers around your current Bank Account number
- Your present Bank Account Number will not change
- Increased compliance to internationally accepted standards means fraud becomes almost impossible
- IBAN is consistent with international banking systems which makes it easier to process transactions with local and international banks
- IBAN eliminates delays in receiving payments
- Verification of beneficiary accounts reduces errors triggered by entering incorrect account numbers