IBAN stands for International Bank Account Number that will become mandatory in Ukraine as of 13 January 2020.
Each state defines the structure of IBAN in line with ISO 13616. For Ukraine, IBAN consists of 29 alphanumeric characters, comprising the country code, a check digit, a bank code, and an account number.
As a result of IBAN implementation, it will become possible to immediately identify the country of the settlement participant (UA – Ukraine) while the check digit will ensure the uniform check of the customer’s account and its validity.
IBAN will allow bank customers to:
- identify the payer and the receiver of funds as well as their servicing Ukrainian bank in an easy and convenient way;
- avoid mistakes in bank account details thanks to fewer details in the payment documents;
- make and receive transfers faster.