According to the State Bank of Pakistan (SBP), a bank account standard across Pakistan brings more efficiency in payment processing by enabling the payments\clearing systems to electronically validate account numbers and to decide the route a payment should take without manual intervention.
Another benefit of IBAN is elimination of delays in credit transfers originating from IBAN compliant countries to Pakistan as same are delayed, sometimes for several days due to manual intervention required for sending credit transfers to non IBAN compliant account numbers.
According to SBP, International Bank Account Number (IBAN) implementation will help in bringing more efficiency in remittance related transactions as a significant percentage of these transactions are rejected due to inaccurate account numbers information. Account validation at remitting institution due to IBAN’s check digit mechanism will significantly reduce errors related to account numbers.
Tags: Banks, Economics, State Bank, Policy, IBAN
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