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{Iban} in banking transactions

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1 {Iban} in banking transactions on Tue Nov 14, 2017 7:16 pm



{Iban} in banking transactions

15/11/2017 12:00 a.m.
Mohammed Sharif Abu Maysam

In an optimistic move to improve the country's banking industry, the Rafidain Bank has circulated lists containing a numerical organization of the accounts of its internationally accredited affiliates (IBAN) across government and community banks.

The IBAN (IBAN) is a summary of the international bank account number, a unique and internationally agreed formula for the number bank account with the aim of conducting treatments for banking transactions and facilitating electronic transfers between branches of banks in the world, in the sense that it is regulated Digital for Branch and customer accounts in the global banking sector note that it is not a new bank account number, it is the same as the private bank account number for any branch or citizen with numbers and letters from the left side.

IBAN is a mandatory requirement to send and receive funds locally and internationally in a safe, accurate and expeditious manner consistent with banking systems international and makes the frauds almost impossible, but the use of IBAN in local remittances may be non-mandatory.

When IBAN is applied in a country, it means that all incoming and outgoing transfers between that country and other registered countries must be accepted and processed, and should be all relevant banks and financial institutions have to apply this, but it is not necessary to deal with it domestically, although it will push towards its local application to keep up with The state of sophistication in trading methods and financial dealings.

Accordingly, this promising step prompts us to be optimistic and questionable at the same time, as it is the first step to engage in the world of banking industry digital that will oblige government and other community banks to take swift steps to follow, which will establish a banking industry that is up to the banking industry Because the work of Ibban in the Rafidain Bank will not be unless the regime enters the Iraqi banking sector.

It is an indicator and a positive stimulus to the potential flow of investment funds within the country, as well as its role in the removal of classical methods in of banking performance because it requires a digital infrastructure and a trained workforce as well as an integrated e-payment system rule.

Here is the question of the time taken to prepare for the introduction of electronic systems, and the seriousness with which some government and private banks have been introduced into these systems, the work of which has been stalled to the moment? Will we be witnessing in the coming days serious and mandatory work to introduce all technologies into practice?

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