On August 5, an international IBAN bank account number was introduced in Ukraine in accordance with the requirements of ISO 13616.
Banks will open new accounts to clients in accordance with the IBAN standard. The bills will consist of 29 alphanumeric characters, as reported to the Law and Business in the NBU press service.
At the same time, the existing account numbers will be modified by the banks in accordance with the requirements of this standard, while maintaining the valid analytical account number.
From November 1, all transfers in national and foreign currencies will be made using IBAN only.
The use of IBAN will make it possible to harmonize the Ukrainian payment space with the European one, as well as to further modernize the National Bank’s electronic payment system. By reducing the requisites, the IBAN standard should make settlement documents easier to use.
The National Bank’s plans also introduce a standard for making payments using QR codes for participants in the payment market. The use of QR codes containing IBAN information will facilitate the payment of bills and the exchange of billing information.