Oman will implement the mandatory requirement of International Bank Account Number (IBAN) for domestic financial transactions from July 1, 2025.
Making the announcement, the Central Bank of Oman (CBO) said the IBAN requirement is part of its ongoing efforts to enhance the efficiency and security of financial transactions.
This requirement will enhance the efficiency of local payment transactions, minimize operational errors, and expedite financial transfers between individuals and businesses, the apex bank said.
It will also improve the overall customer experience by ensuring faster and more secure banking transactions, it added.
CBO implemented the IBAN system for international transfers from March 31, 2024, in alignment with international standards and best banking practices.
In this context, CBO has issued directives to local banks to stop receiving cross-border transfers that do not include IBAN number from July 1.
Banks have also been asked to implement awareness campaigns for their customers on the importance of using IBAN number and its benefits.
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