We are pleased to inform that the International Bank Account Number (IBAN) has been generated for all account holders of Soneri Bank Ltd (SBL) . Customers have been notified of their IBAN by mentioning it in the Statement of Accounts. Soon, our valued clients will also have the option of checking their International Bank Account Number (IBAN) through online facility.
These initiatives are taken under SBP guidelines as cascaded to all banks in Pakistan.
Below is the scope, benefits and usage of IBAN for necessary information of our account holders:
IBAN is an international standard for identifying bank accounts across national borders with a minimal of risk of propagating transaction errors. The IBAN concept is an internationally agreed standard (ISO 13616-1:2007) for identifying bank accounts. SBP has decided to implement this standard in Pakistan for all domestic as well as international transactions. Already implemented in more than 50 countries (including EU, Saudi Arabia, Kuwait and UAE), IBAN implementation can result not only in bringing more efficiency in cross border transactions including remittances sent by overseas Pakistanis from IBAN Compliant Countries but will also result in facilitation of domestic electronic transfers.
IBAN implementation will help to eliminate delays in credit transfers originated from IBAN compliant countries to Pakistan as it will electronically validate account numbers and decide a route a payment should take without manual intervention. Provision to mention IBAN in our newly developed Remittance Form has already in place. Our customers are requested to quote/notify their IBAN to the remitter(s) for all remittance/interbank fund transfer transactions to ensure accurate and timely credit of funds.
In case of requiring further detail regarding IBAN, please contact to your nearest branch of Soneri Bank Limited.