Customer accounts of all Ukrainian banks will change the format: what should be known
The Banking system of Ukraine is going to introduce the new IBAN standard (International Bank Account Number) within the bank accounts formation process. In accordance with the resolutions of the National Bank of Ukraine the customers accounts of all Ukrainian banks will change the format.In addition to the account number, the information about the country code and bank code will be displayed inside the account corresponding to the IBAN format.
What do we need to know about IBAN?
IBAN is designed for using via international payments. This is a standard Bank account system within the EU countries. Each country independently establishes the structure of the IBAN account number according to ISO 13616 standard. In the case of Ukraine the IBAN will consist up to 29 alphanumeric characters: the first 10 ones means the country code as well as the captal case red letters and the bank code, instead, the last 19 ones are the bank customer account number.
The first two characters will immediately recognize the country-participant, namely Ukraine (UA), and using the control digit will provide a unique checking the customer's account on validity.
Using the IBAN numbers will be obligatory for all banks customers in order to remit funds both in hryvnas and in foreign currencies, including cross-border remittances. So all transfers will be conducted using the IBAN numbers only.
From August 5, 2019 there will be a transition period, during which it will be possible performing transactions both using IBAN and the old formats: MFO code + account number.
Starting from August 5, 2019, COMINVESTBANK will open new accounts using IBAN standard.
When transition period will be expired, namely from November 1, 2019, all transactions will be made using this system only.
What advantages does IBAN offer?
Launching the specified system will allow:
- identifying both the payer and the receiver of funds as well as their servicing Ukrainian bank;
- to avoid errors in the bank account details;
- sending and receiving funds in more fast way;
- simplifying payment document processing system.
Using the IBAN numbers in the future will enable applying QR codes that contain information on IBAN to simplify payments of invoices and payment information exchange process.
COMINVESTBANK has updated the automated banking system software up to the version that fully implements the work on the international bank account numbers (IBAN).
This functionality is also implemented in the iBank 2 UA, a system of remote servicing for accounts of banks corporate customers.
Starting from August 5, 2019, you can find out your IBAN number:
- via the Internet banking system "iBank 2 UA"
- from your processing manager at a bank branch.