Suzanne
28-02-06, 10:26 AM
The Bulgarian National Bank launches Tuesday an awareness campaign on the introduction of the International Bank Account Number (IBAN) standard, which will become effective in the country as of June 5, 2006.
The new numbers will include 22 symbols instead of ten and will feature letters along with the figures. Bulgaria's banks will start replacing the numbers of more than 6 million accounts used by companies and citizens on March 1.
From March 1 till June 5 Bulgarian banks are obliged to inform their clients about the introduction of the International Bank Account Number (IBAN) standard free of charge.
No deadline has been set for receiving the new numbers.
The International Bank Account Number (IBAN) is an international standard for numbering bank accounts. It was originally adopted by the European Committee for Banking Standards, and was later adopted as ISO 13616:1997. The IBAN always starts with a two-digit country code which is followed by a two-digit control part, a reference to the bank (the bank's local code) and the beneficiary's domestic account number.
Usage of the IBAN reduces the number of possible delays and errors upon making international payments, because the bank sending the payment is able to check the correctness of the account number (IBAN) entered by the client before the payment is sent out of the bank. Thus, usage of the IBAN allows for quicker transfer of funds and future reduction of service fees related to international payments.
Bulgaria will become the 43rd country to implement the IBAN bank account format.
http://www.novinite.com/view_news.php?id=59824
The new numbers will include 22 symbols instead of ten and will feature letters along with the figures. Bulgaria's banks will start replacing the numbers of more than 6 million accounts used by companies and citizens on March 1.
From March 1 till June 5 Bulgarian banks are obliged to inform their clients about the introduction of the International Bank Account Number (IBAN) standard free of charge.
No deadline has been set for receiving the new numbers.
The International Bank Account Number (IBAN) is an international standard for numbering bank accounts. It was originally adopted by the European Committee for Banking Standards, and was later adopted as ISO 13616:1997. The IBAN always starts with a two-digit country code which is followed by a two-digit control part, a reference to the bank (the bank's local code) and the beneficiary's domestic account number.
Usage of the IBAN reduces the number of possible delays and errors upon making international payments, because the bank sending the payment is able to check the correctness of the account number (IBAN) entered by the client before the payment is sent out of the bank. Thus, usage of the IBAN allows for quicker transfer of funds and future reduction of service fees related to international payments.
Bulgaria will become the 43rd country to implement the IBAN bank account format.
http://www.novinite.com/view_news.php?id=59824