"For the past six or seven years we've been recommending that corporations collect IBAN
and BIC and make sure that vendor data is in this format," she adds.
In answer to a query regarding the enforcement of IBAN
system, he added that the application of this system in the region is comparatively new and explained that the Central Bank decided to wait and see the extent of success of GCC experiments then to apply the system, pointing out that the International Banking Account system comprises the country's code plus two digits for verification and identification of the bank in addition to the number of current account which reduces by 90% errors as it consists of verification mechanism which ensures accuracy of information besides automatic rejection in case of any erroneous entry meanwhile it relied in the past on lengthy arithmetical of up to 22 digits.
Bahrain is the fourth GCC country to adopt IBAN
following Saudi Arabia, the UAE and Kuwait.
stands for International Bank Account Number and according to online currency website xe.com, they, "are a way to convey, with a single number, all the information required to identify a specific bank account." It also points out that the length and structure of IBAN
numbers varies from country to country.
"The use of the IBAN
will only be required in countries or banking institutions that have implemented [it]," said Mohammad Ali Al Ansari, managing director of Al Ansari Exchange.
So they've got one month to assign every bank account in the UAE a unique IBAN
. No one account shall have the same 23-digit sequence.
From January all client accounts would have to heed IBAN
systems, and clients need to receive IBAN
numbers for both local as well as international transactions.
These letters were written at fairly regular intervals during the year and often succinctly summarise and clarify aspects of the diary text, particular the inevitable personality clashes arising at times between the Freeman's and their Iban
hosts, as well as other European personalities working on rival ethnographic projects or within Government office.
At first Mr Iban
failed to recognise the dangers and indulged her new passion.
The next chapter relates theory to the ground by looking at the Sarawakian Iban
communities, and then narrowing the focus to a particular group of Iban
in the Saribas uplands.
's tribe are no-nonsense grafters who don't like moaning.