MUSCAT – In a commitment to enhance payment system efficiency and align with international standards for improved customer experience, Bank Muscat has begun to support the International Bank Account Number (IBAN) for fund transfers across borders starting July 1, 2025. This initiative, in accordance with directives from the Central Bank of Oman (CBO), aims to reduce operational errors and speed up financial transactions between individuals and businesses, ultimately providing beneficiaries with safer and smoother transfers.
As part of these directives, cross-border transfers that do not utilize the IBAN will no longer be accepted as of July 1, 2025. The IBAN will be a prerequisite to receive all fund transfers to Oman, while domestic transfers will still have the option to use either the IBAN or the traditional account number.
Zuwaina Abdullah Al Sharji, Assistant General Manager of Central Operations & Change Management at Bank Muscat, stated, “The bank is committed to complying with international standards and implementing best banking practices. The decision to adopt the IBAN is intended to accelerate bank transfers (STP), standardize account coordination among all banks, reduce human errors in account entry, and adhere to international standards like the SWIFT system. This will significantly enhance the security and speed of transaction processing.” Al Sharji emphasized Bank Muscat’s dedication to integrating the latest banking systems to facilitate the swift completion of transactions for individual and corporate customers, ensuring an exceptional banking experience that meets contemporary local and international standards. She encouraged customers to include a valid IBAN from their account information and to follow the issued guidelines to avoid any complications during transfer operations.
Customers can easily obtain their IBAN through various channels, including Internet Banking, Mobile Banking, visiting a branch, calling customer service, or accessing the dedicated page: (https://www.bankmuscat.com/en/Pages/iban.aspx). The IBAN is also typically displayed next to the account number on bank statements.
0 Comments