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Egypt-based banks add IBAN standard for cross-border transactions

Tuesday 7 July 2020 13:00 CET | News

Banks operating in the Egyptian market have started using the International Bank Account Number (IBAN) standard to facilitate cross-border transactions.

For Egypt, the IBAN consists of 29 alphanumeric characters, including two digits for the country code, two check digits, and the domestic bank account code. The check digits enable a check of the bank account number to confirm its integrity before submitting a transaction. Banks operating in the Egyptian market started to send messages to their customers with information on the IBAN code in June 2020. Customers can also communicate with customer service of their banks or use Internet banking to obtain their IBAN code.

IBAN works to facilitate the processing of customers’ financial transactions to avoid operating errors. It also makes it easier for the sending bank to verify the validity of the receptor’s account number, in order to avoid refunding transactions due to wrong account numbers, which take a lot of effort and time to correct.

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Keywords: Egypt, banks, IBAN, cross-border transactions, bank account, check digits, transactions, IBAN code, internet banking, financial transactions, account number
Categories: Banking & Fintech | Payments General
Countries: Egypt
This article is part of category

Banking & Fintech