CBO Announces Implementation of IBAN for Local Financial Transactions

Muscat, 26 Mar (ONA) --- As part of its ongoing efforts to enhance the efficiency and security of financial transactions, the Central Bank of Oman (CBO) announced the go-live date for implementing the International Bank Account Number (IBAN) on the domestic financial transactions, as of 1 July 2025.

This expansion will enhance the efficiency of local payment transactions, minimize operational errors, and expedite financial transfers between individuals and businesses. It will also improve the overall customer experience by ensuring faster and more secure banking transactions.

It is worth noting that CBO implemented the IBAN system for international transfers on 31 March 2024. This initiative has significantly improved transaction accuracy, reduced errors, and accelerated processing times for both local and international bank transfers. Given the success of this implementation, CBO is taking the next step by discontinuing the acceptance of international transfers that do not include an IBAN. This measure ensures further alignment with international standards and best banking practices.

In this context, CBO has issued directives to local banks to stop receiving cross-border transfers that do not include IBAN number, as of 1 July 2025. Instead, the use of IBAN Number will be mandatory for all incoming international transactions. Banks have been guided to implement an awareness campaigns for their customers on the importance of using IBAN number and its benefits. It was also stressed on the need to provide the necessary guidelines to ensure safer and faster banking experience.The Central Bank of Oman urges all customers to ensure they obtain their IBAN from their local banks and to use it in all financial transfers to ensure smooth transaction processing.

---Ends/AG