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IBAN - The International Bank Account Number (IBAN) is a bank account number created under ISO 136161 set by the European Committee for Banking Standards (ECBS) and the International Organization for Standardization (ISO) provided by financial institutions to customers. The goal of application of the IBAN to bank accounts in Azerbaijan is to unify bank accounts in banks, the national operator of postal communication that provides postal – financial services, the State Treasury Agency under the Ministry of Finance (hereinafter – financial institutions) based upon international standards.
Frequently asked questions with respect to application and use of the international bank account number (IBAN)
- What is IBAN ?
- IBAN - The International Bank Account Number (IBAN) is a bank account number created under ISO 136161 set by the European Committee for Banking Standards (ECBS) and the International Organization for Standardization (ISO) issued by banks, the national operator of postal communication that provides postal-financial services and the State Treasury Agency under the Ministry of Finance (financial institutions) to customers.
- What is the goal of application of the IBAN?
- Improve identification of bank customers in electronic payments space, increase the level of automation in processing of payments, unify the structure of bank accounts and minimize operational risks.
- When was the IBAN project launched?
- A Working Group consisting of representatives of the Central Bank, the Mınistries of Taxes and Finance, the State Social Protection Fund, the Banks’ Association and commercial banks (the International Bank of Azerbaijan, the Kapital Bank, the Standart Bank, the Unibank, the Bank Respublika and the Muganbank) created on 17.06.2010 started the application of the IBAN.
- What is the IBAN structure in Azerbaijan?
- The IBAN structure in the Republic of Azerbaijan is as follows:
- Which accounts get the IBAN?
- The IBAN is applied to all accounts involved in domestic and international interbank settlements. Financial institutions may apply the IBAN to their other accounts depending on their internal policies.
- Where can one obtain information on the IBAN?
- There is detailed information and the ‘Methodological Guidelines on the international bank account number (IBAN)’ on the ‘Payment Systems’ section of the website of the Central Bank on the ‘IBAN’ sub-section.
- When was the IBAN first applied in Azerbaijan?
- Correspondent and sub-correspondent accounts opened by the Central Bank for commercial banks were switched to the IBAN structure on 12.03.2012 and used on a real mode. Customer accounts were switched to the IBAN structure on 07.01.2013 and used in a real mode.
