Starting from August 5, 2019, the National Bank of Ukraine introduces an International Bank Account Number (IBAN) in Ukraine, in which banks will open new accounts in the IBAN standard for customers, and the current account numbers will be changed in accordance with the requirements of this standard, with the preservation of the current number of analytical accounting.
The use of the IBAN from November 1, 2019 will become mandatory for clients of all Ukrainian banks when making funds transfers both in national and foreign currencies, including cross-border transfers. That is, all transfers from November 1, 2019 will only be made using the IBAN.
In the period from August 5, 2019 to October 31, 2019, bank customers in the requisites of payment documents will be able to indicate current account number and bank code, as well as the account number in the IBAN standard.
For Ukraine, the IBAN consists of 29 alphanumeric characters: country code, control digit, bank code and account number.
The relevant rules include the Resolution of the Board of the National Bank of Ukraine dated December 28, 2018, No. 162 "On Introduction of an International Bank Account Number (IBAN) in Ukraine".
The introduction of the IBAN will make possible to harmonize the Ukrainian payment area with the European one, as well as facilitate further planned modernization of the electronic payment system of the National Bank. In general, the use of the IBAN standard due to the reduction of requisites should make it more convenient to process settlement documents.
Due to this, bank customers will be able to:
- it is convenient and simple to identify the payer and the recipient of funds, as well as the bank of Ukraine, which serves them;
- Avoid mistakes in account details due to reduction of requisites in settlement documents;
- Make transfers and receive funds faster.