International Bank Account (IBAN) in Jordan
IBAN was created by the International Organization for Standardization based on international standards according to ISO 13616. The IBAN unifies the number of digits for all numbers of banking accounts in the Kingdom which facilitates the operation of banking transfers and their process through electronic systems. It also facilitate developing them toward Straight- Through Processing of remittances and their deposits by identifying the beneficiary account number accurately and quickly. It also enables the sending bank verifying the beneficiary’s account number in order to avoid return transfers of wrong account numbers which require a lot of time and effort to be rectified.
The followings are the most prominent advantages for using IBAN:
Helps implementing Straight- Through Processing of financial transfers which reduces manual intervention to carry out financial transfers.
Contains all data required to facilitate the process of domestic or cross-border transactions.
Reduces financial transactions errors resulted from invalidity of account number.
Helps customers in carrying out financial transactions through all available banking channels.
Reduces costs and improves operational efficiency in processing financial transactions.
The use of IBAN considered vitally important for upgrading the efficiency of electronic payment systems, facilitating the process of banking transfers through it, developing them toward straight through process technology, debiting their value in beneficiary’s account, and helping in determining beneficiary account number accurately and quickly.
IBAN also facilitates the process of validating the beneficiary account by the sending bank to avoid the return of transfers that holds wrong account numbers and which require a lot of time and effort to be rectified.
It is worth mentioning that IBAN is a digital organization of the customers’ accounts in the banking sector based on international specifications related to account numbers. It aims at achieving a recognized national unification for the number of account’s digits on the international level. It is not a new account number but a developed format for the existing banking account number of customer. It enables banking systems from reading these numbers with ease, and then process the financial transfers without errors.
More than 60 countries of the world apply the standards related to IBAN including, all European Union countries and some Arab countries such as Saudi Arabia, UAE, Kuwait, Palestine, Lebanon, and Tunisia.
IBAN is 30 digit long in Jordan and consists of two digits for country code (JO), which refers to the Hashemite Kingdom of Jordan; two check digits, which came as a result of a calculation to verify the validity of IBAN and thus the appropriateness of banking operations and it differs from one customer to another; four digits for the Bank Identifier Code BIC; in addition to four digits for the bank’s branch and the customer account number.
International Bank Account Number Verification Tool in Jordan (IBAN) click here
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