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The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders with a minimal of risk of propagating transcription errors. Already implemented in more than 50 countries (including EU, S. Arabia, Kuwait, and UAE), IBAN Implementation can result not only in bringing more efficiency in cross border transactions/transfers including remittances sent by overseas Pakistanis from IBAN Compliant Countries but will also result in facilitation of domestic electronic transfers.
- A bank account standard across Pakistan will bring more efficiency in payment processing by enabling the payments/clearing systems to electronically validate account numbers and to decide the route a payment should take without manual intervention.
- Elimination of delays in credit transfers originating from IBAN compliant countries to Pakistan as same are delayed, sometimes for several days due to manual intervention required for sending credit transfers to non IBAN compliant account numbers.
- IBAN implementation will help in bringing more efficiency in remittance related transactions as a significant percentage of these transactions are rejected due to inaccurate account numbers information. Account validation at remitting institution due to IBAN’s check digit mechanism will significantly reduce errors related to account numbers