Qatar Islamic Bank (QIB) has implemented international bank account numbers (IBANs) for all its customers accounts.
The move is in line with directives issued recently by the Qatar Central Bank and will facilitate straight through processing (STP) of electronic payments by reducing delays and limiting the extra costs associated with incorrect account numbers.
IBANs give precise information about the country, the financial institution and the account number and each one is globally unique.
The scheme went live in Qatar at the start of the year and will influence the receipt of electronic payments from any bank within or outside Qatar, sending an electronic payment to any bank within Qatar, and sending an electronic payment to a bank in any other country that has adopted the IBAN system, which is currently more than 50 nations around the world.
It will become compulsory for cross-border money transfers after the expiry of the transition period on 30 April, when banks will reject transfers that do not contain a valid IBAN.
By Claire Archer