In line with Central Bank of Bahrain (CBB) directives, all banks operating in Bahrain are migrating to the International Bank Account Number (IBAN) standard to help increase the efficiency of electronic payments. Following the migration, each existing account number will be assigned a unique IBAN code that will be used to send and receive electronic payments within Bahrain as well as between banks in Bahrain and those abroad.
Ithmaar Bank, which was fully compliant with the CBB’s IBAN implementation requirements by June 2011, has since been urging customers to note their IBAN and start using the Number as soon as possible
“The CBB has directed that, effective 31 January 2012 – which is only a few months away – all customers of all banks in Bahrain must use IBAN to receive electronic payments from any bank both within Bahrain or abroad,” said Ithmaar Chief Executive and Member of the Board, Mohammed Bucheerei. “All customers will also have to use IBAN to send electronic payments to a bank within Bahrain, as well as to banks in other countries that have made IBAN compulsory. Customers can, of course, also use IBAN to send electronic payments to a person in a country that has adopted the new standard but not made it compulsory,” he said.
“In line with our long-standing commitment to providing our customers with the best possible banking experience, Ithmaar was among the first to fully implement the IBAN standard. To do so, the Bank’s core banking and payment system have been modified and updated to generate, recognize, validate and accept IBAN for existing and new customers,” said Bucheerei. “All our customers have since been notified of their IBAN, which is now printed on each Statement of Account, and we have also sent out flyers explaining the new standard and its implications,” he said. The head office and branch staff have also been fully briefed on the Bank’s IBAN implementation and its customer awareness plans that include individuals, retail and corporate entities extending to their business associates and stakeholders. The information is also available in 14 branches and 34 ATMs across the Bank’s network, as well as on the Bank’s website. All telephone inquiries are being received by an extended-hour Call Centre.
“The IBAN will improve the security and efficiency of bank-to-bank electronic payments for all customers. “It is important, however, for customers to start using their IBAN and soon as possible because, in only a few months, they will be required, by law, to do so – and the sooner they get used to it, the better,” he said.
“The smooth implementation of IBAN in Bahrain, under the directives and with the guidance of the CBB, is in line with Bahrain’s Vision 2030 which provides a road map to Bahrain’s continued prosperity under the wise leadership of His Majesty King Hamad bin Isa Al Khalifa,” said Bucheerei. “We are pleased that we have been able to contribute to realising that vision by being one of the first Banks in Bahrain to comply with the CBB’s directives” he said.