Latest news with #IBAN
Zawya
2 hours ago
- Business
- Zawya
Oman: Bank Muscat enables IBAN Service for Fund Transfers across borders
Muscat: In a commitment to enhance payment system efficiency and align with international standards for improved customer experience, Bank Muscat, the leading financial services provider in the Sultanate of Oman, 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: ( The IBAN is also typically displayed next to the account number on bank statements. Bank Muscat is committed to excellence in managing its operations and services, striving to apply the highest efficiency standards in fund transfers and transactions with minimal manual intervention. This dedication enhances transaction quality and minimizes payment delays. The bank offers a variety of money transfer services accessible through multiple channels, including branches across the governorates, Internet Banking, and Mobile Banking. Customers can also benefit from swift transfer options to countries such as India, Pakistan, Bangladesh, the Philippines, and Sri Lanka. © Muscat Media Group Provided by SyndiGate Media Inc. (
Times of Oman
a day ago
- Business
- Times of Oman
Bank Muscat enables IBAN Service for Fund Transfers across borders
Muscat: In a commitment to enhance payment system efficiency and align with international standards for improved customer experience, Bank Muscat, the leading financial services provider in the Sultanate of Oman, 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: ( The IBAN is also typically displayed next to the account number on bank statements. Bank Muscat is committed to excellence in managing its operations and services, striving to apply the highest efficiency standards in fund transfers and transactions with minimal manual intervention. This dedication enhances transaction quality and minimizes payment delays. The bank offers a variety of money transfer services accessible through multiple channels, including branches across the governorates, Internet Banking, and Mobile Banking. Customers can also benefit from swift transfer options to countries such as India, Pakistan, Bangladesh, the Philippines, and Sri Lanka.
Daily Tribune
15-07-2025
- Business
- Daily Tribune
Exchanging labour expertise
The Labour Market Regulatory Authority (LMRA) received a Qatari delegation led by Kholoud Saif Al Kubaisi, Executive Director of the Workers' Support and Insurance Fund, accompanied by Dr. Abdullah Al-Muhannadi, Legal Advisor, to the Expatriate Workers' Protection Centre. The visit aimed to learn about the Kingdom of Bahrain's efforts in supporting and protecting expatriate workers. Noora Isa Mubarak, LMRA's Deputy CEO for Enforcement and Protection and a member of the National Committee for Combating Trafficking in Persons (NCCTIPs), highlighted the strong ties between Bahrain and Qatar and the importance of exchanging expertise to support joint efforts. The meeting discussed key initiatives launched by the Kingdom, including the issuance of International Bank Account Numbers (IBAN) for every worker in the Kingdom, which helps to facilitate and document the electronic payment of wages.
Time of India
02-07-2025
- Business
- Time of India
IBAN rules for local and international transfers in Oman have changed: What you need to know
From July 1, 2025, Oman mandates IBAN for all domestic transfers, while international payments no longer require it/ (Representative Image) The Sultanate of Oman has announced that beginning July 1, 2025, the use of the International Bank Account Number (IBAN) will be mandatory for all domestic financial transactions. This change comes as part of the Central Bank of Oman's efforts to enhance the efficiency, speed, and accuracy of financial operations within the country. The mandate had already been implemented for international transfers earlier this year, and now it extends to transactions within Oman itself. IBAN Requirement Extended to Domestic Transfers The Central Bank of Oman had previously made IBAN compulsory for international transfers starting March 31, 2024, and the results have been positive. According to a statement from the Central Bank of Oman, this move has already 'significantly improved transaction accuracy, reduced errors, and accelerated processing times for both local and international bank transfers.' Now, beginning July 1, 2025, all domestic financial transfers within Oman must include the IBAN. This means individuals and businesses making local payments between Omani banks will be required to use this standardized format. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo In a key clarification, the Central Bank also confirmed that international transactions will still be accepted without an IBAN — a change from the previous requirement. This implies more flexibility for foreign entities transferring money into Oman. Regional Banks Begin Issuing Guidance The regulatory change has also prompted responses from financial institutions in neighboring countries. The Emirates NBD app, a major banking platform in the UAE, has started displaying an awareness message for users sending money to Oman. The advisory on the app states: "In line with new regulatory mandates, IBAN is now a mandatory requirement for all payments to Sultanate of Oman, starting from July 1, 2025." To ensure compliance, Emirates NBD is urging customers to update beneficiary details. It added: "Please delete and re-add your beneficiaries in Oman using their IBAN to avoid payment failures. Kindly note a cooling period of 4 hours will apply for newly added beneficiaries." This practical advisory is a proactive step to avoid disruptions and failed transactions once the regulation comes into force. What Is IBAN and Why It Matters The International Bank Account Number (IBAN) is a globally standardized format for identifying bank accounts across countries. It's designed to streamline cross-border payments and reduce the chance of errors. Here's what makes IBAN important: It includes country-specific codes (e.g., "AE" for the UAE or "OM" for Oman), check digits, and the traditional account number. It serves as a universal identifier, much like a postal code for bank accounts. It does not replace the local account number but works as an added layer for enhanced accuracy. Before the implementation of the IBAN system, banking transactions especially international ones, were prone to delays and costly errors due to inconsistent formats and identifiers. Since its adoption in most of Europe, the Middle East, and parts of the Caribbean, IBAN has proven to be a reliable standard. The Central Bank of Oman's extension of the IBAN requirement to domestic transactions is expected to align the country further with global best practices, ensuring smoother and safer money transfers.
Khaleej Times
02-07-2025
- Business
- Khaleej Times
Oman revises rules for bank transfers, makes IBAN mandatory
The Central Bank of Oman had earlier announced that the International Bank Account Number (IBAN) will be mandatory for all domestic financial transactions From July 1, 2025, Oman has implemented a new requirement for all financial transfers. The Central Bank of Oman had earlier announced that the International Bank Account Number (IBAN) will be mandatory for all domestic financial transactions. It also added that international transactions will accepted without an IBAN now. The IBAN was made mandatory for international transfers on March 31, 2024. According to the Central Bank of Oman, this initiative has significantly improved transaction accuracy, reduced errors, and accelerated processing times for both local and international bank transfers. On the Emirates NBD app in the UAE, users have seen an awareness message that asks them to delete and re-add beneficiaries in Oman with their IBAN. The advisory says, "In line with new regulatory mandates, IBAN is now a mandatory requirement for all payments to Sultanate of Oman, starting from July,1 2025." It added: "Please delete and re-add your beneficiaries in Oman using their IBAN to avoid payment failures. Kindly note a cooling period of 4 hours will apply for newly added beneficiaries." What is IBAN? The IBAN or International Bank Account Number is a standardised way to identify any bank account anywhere in the world, designed to make sending money across borders much less of a headache. It's like a universal postal code for a bank account that includes the country (like "AE" for the UAE), some security digits, and regular account details all rolled into one. Earlier, before the system was created, delays and mix-ups were common as banks couldn't properly identify where payments should go. Now, with IBAN covering most of Europe, the Middle East, and parts of the Caribbean, money gets where it needs to go faster and with fewer costly errors. This number doesn't replace the regular account number – it's just an extra layer that helps banks around the world speak the same language when handling international payments.
