QIB joins global network of IBAN-compliant banks

“The implementation of IBAN will not only bring more efficiency to cross border transactions, but will also result in the facilitation of domestic electronic transfers”

QIB has implemented the International Bank Account Number (IBAN) for its customers’ from early this month.
In line with directives issued by the Qatar Central Bank, the adoption of the IBAN standard will facilitate ‘straight through processing’ (STP) of electronic payments by minimising delays and extra costs associated with incorrect account numbers, the bank said yesterday.
IBAN is an expanded version of the basic bank account number, giving precise information about the country, the financial institution and the account number. Every IBAN is globally unique and contains 29 digits, starting with a country designation for the relevant banking institution (QA for Qatar), followed by a double-digit verification number, the specific bank code (for QIB it is QISB) and then the core account number made up of 21 digits.
As of early 2014, IBAN has gone live for receiving an electronic payment from any bank within or outside Qatar, sending an electronic payment to any bank within Qatar, and sending an electronic payment to a bank in any other country that has adopted the IBAN system: currently over 50 countries worldwide.
IBAN will become compulsory for cross-border money transfers after the expiry of the transition period on April 30, when banks will reject transfers that do not contain a valid IBAN.
QIB customers can find their IBANs printed on their bank statements, as well as in Internet banking accounts; via the QIB mobile application; or by contacting QIB’s call centre (44448444).
QIB general manager (personal banking group) D Anand said, “The implementation of IBAN will not only bring more efficiency to cross border transactions, but will also result in the facilitation of domestic electronic transfers. With the use of IBAN, any input errors are immediately recognised, leading to fewer rejections and minimising transaction delay. This will result in faster credit and faster throughput times. In addition, the implementation of IBAN will enhance the safety and efficiency of electronic banking payments.
“This is an important strategic move for Qatar. With the guidance of the Qatar Central Bank, QIB is now part of the global network of banks that have adopted IBAN, thereby aligning it yet further with the ongoing evolution of the world’s banking systems.”