International Bank Account Number introduced in Ukraine today

“Starting from August 5, the banks will open new accounts in accordance with the requirements of IBAN standard. At the same time, the banks will change the effective account numbers in accordance with the requirements of this standard while maintaining the current number of analytical accounting. From November 1, 2019, the use of IBAN will become mandatory for customers of all banks in Ukraine during the transfer of funds in both national and foreign currencies, including cross-border transfers. That is, all transfers starting from November 1, 2019 will be made only using IBAN,” the press service of the National Bank of Ukraine reports.

The introduction of IBAN will make it possible to harmonize the Ukrainian payment space with the European one, as well as to facilitate the further planned modernization of the National Bank's electronic payment system. In general, the use of the IBAN standard is expected to make the accounting documents easier to process thanks to a reduction in banking details.

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