MUSCAT: The Central Bank of Oman (CBO) has announced that beginning Tuesday, July 1, 2025, all cross-border transactions initiated from Oman must be processed using the International Bank Account Number (IBAN). This directive aims to align Oman’s banking practices with international financial standards, ensuring smoother, faster, and more secure global money transfers. Banks and financial institutions have been directed to fully implement this regulation and inform their customers of the mandatory IBAN usage.
The move is expected to enhance the accuracy and efficiency of international payments, significantly reducing errors caused by incorrect account details. It also supports automated transaction validation, thereby minimizing delays and return of funds due to incomplete or inaccurate information. By enforcing IBAN compliance, the CBO is reinforcing its commitment to a more transparent and secure financial environment that supports economic and commercial growth.
Financial institutions in Oman have already begun communicating the importance of this transition to their customers, advising them to ensure their IBANs are correctly provided for all future international transfers. Individuals and businesses are encouraged to update their beneficiary records and confirm IBAN details with their respective banks to avoid disruptions in payments after the effective date.
The CBO has emphasized that any cross-border transaction initiated without a valid IBAN after the deadline will be automatically rejected by the sending banks. Customers are urged to take immediate action and familiarize themselves with the new requirements, as this initiative forms part of the broader modernization of Oman’s banking sector in line with global financial integration goals.
