MUSCAT: In a significant move to enhance the efficiency and security of financial transactions, the Central Bank of Oman (CBO) has announced the official implementation of the International Bank Account Number (IBAN) system for all domestic financial transactions. Starting from July 1, 2025, individuals and businesses in Oman will be required to use the IBAN format for local transactions. This decision is part of the CBO’s broader strategy to modernize the country’s financial infrastructure and streamline payment systems.
The introduction of IBAN will not only improve the accuracy of domestic payments but also reduce operational errors that are often encountered in traditional transaction processes. By using a standardized account numbering system, the risk of incorrect or delayed payments will be minimized, making it easier for individuals and businesses to send and receive money. The system will also simplify reconciliation processes, providing a more seamless experience for both senders and receivers.
One of the key advantages of this new system is the acceleration of financial transfers. With a more efficient and reliable method of processing payments, individuals and businesses will experience faster and smoother transactions. This is expected to boost the overall economic activity by facilitating timely payments, which are essential for the functioning of a dynamic economy. As a result, Oman will be better positioned to handle the increasing volume of financial transactions in the future.
In addition to these benefits, the implementation of IBAN aligns with global banking practices, enabling Oman to integrate more effectively into the international financial system. As financial transactions become increasingly interconnected across borders, the adoption of standardized systems like IBAN will enhance Oman’s competitiveness and its ability to engage in international business transactions with greater ease and security. The CBO’s move reflects its commitment to improving the financial sector’s infrastructure and ensuring that it meets the highest global standards.
