Ahli United Bank has announced that it is completely ready for the launch of International Bank Account Number (IBAN) standard in Bahrain. This move is in line with Central Bank of Bahrain (CBB)’s directives making the use of IBAN a mandatory requirement effective 31 January 2012, for all funds transfer between local banks in Bahrain and to countries where IBAN use has been made compulsory to date.
The IBAN code in Bahrain is a 22 digit number containing the existing account number of the customer as well as alpha-numeric digits indicating the country code and the bank code. This new code has been gradually and universally introduced in order to standardize the identification of all bank accounts across banks and jurisdictions.
The IBAN has the advantage of significantly improving the efficiency, accuracy and speed of funds transfer between local and international banks as it allows for the automatic processing of cross-border payments by banks worldwide.
“We are pleased to report that we now have the necessary infrastructure and processes in place for a full and smooth deployment of the new IBAN system. We made adequate preparations to ensure maximum awareness by our valued customers, which included regular mails, SMS messages, and information through flyers and posters at our branches. Effective 30 September 2011, all our account statements are being issued with the IBAN indicated in the header section,” Commenting on this move, Shafqat Anwar, Deputy GCEO, Operations and Technology, AUB, said.
“Access to IBAN is also only a click away. Customers can visit our website www.ahliunited.com or log-on to our e-banking site to immediately generate their respective IBAN simply by entering their account number with AUB. Customers can also get their hands on relevant information at any of our branches, and of course help is never too far or too late thanks to our 24×7 Contact Centre at 17221999”.
“At AUB, we are constantly enhancing our systems and processes to ensure optimal compliance with international and local regulatory requirements, while endeavouring to avoid any undue inconvenience or disruption to our valued customers,” Anwar, added.