Commercial Bank is now applying the International Bank Account Number (IBAN), a global standard protocol for identifying bank accounts.
Commercial Bank’s adoption of the IBAN system on 1 January 2014 is in line with a directive issued by the Qatar Central Bank and is in effect for outward and inward transfers, to and from the State of Qatar.
IBAN facilitates the automatic processing of money transfers to improve the speed and accuracy of payment transactions and helps to avoid transfer errors.
Commercial Bank CEO Abdulla Saleh Al Raisi said: “Commercial Bank welcomes the adoption of IBAN as it will improve the effectiveness and performance of payment systems in Qatar. International transfers are vitally important to our retail and corporate customers, and using IBAN results in less errors and associated delays.”
“Commercial Bank is now even further aligned with our strategic alliance banks in the UAE and Turkey, as these countries have already adopted the IBAN convention. Alignment of banking systems across our regional network brings efficiencies and benefits to all our customers,” he added.
For more information, please contact:
Head of Corporate Communications
Tel: +974 4449 0169