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What is IBAN?

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
The Benefits
  • 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

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