The Central Bank of Oman (CBO) announced the implementation of the International Bank Account Number (IBAN) for domestic financial transactions, effective from 1st July 2025.
This initiative aims to improve the efficiency of local payment transactions, minimise operational errors, and accelerate financial transfers between individuals and businesses.
Additionally, it will enhance the overall banking experience by ensuring faster and more secure transactions.
The CBO successfully introduced the IBAN system for international transfers on 31st March 2024, significantly improving transaction accuracy, reducing errors, and expediting processing times for both local and international transfers.
Building on this success, the CBO will discontinue the acceptance of international transfers that do not include an IBAN, ensuring further alignment with international standards and best banking practices.
In line with this directive, the CBO has instructed local banks to cease receiving cross-border transfers that do not contain an IBAN from 1st July 2025.
The use of an IBAN will become mandatory for all incoming international transactions.
Banks have been advised to conduct awareness campaigns to educate customers on the importance and benefits of using IBAN.
Additionally, financial institutions have been urged to provide clear guidelines to facilitate a safer and faster banking experience.
The Central Bank of Oman encourages all customers to obtain their IBAN from their respective banks and to use it for all financial transactions to ensure seamless processing.
Featured image credit: edited from freepik
