(IBAN) in banking transactions

[Butifldrm]

 

 

(IBAN) in banking transactions

15/11/2017 12:00 am  Mohammed Sharif Abu Maysam   In a move to give optimism to the advancement of the banking industry in the country Rafidain Bank circulated lists containing a digitally organized accounts of its branches accredited internationally (IBAN) to all banks, government and private    IBAN is a shortcut to the International Bank Account Number ), A unique and unified formula internationally agreed to the bank account number in order to carry out transactions for banking transactions and facilitate electronic transfers between branches of banks in the world, in the sense that it is a digital organization of the accounts of branches and customers in the global banking sector is not a new bank account number, Is the same as the special 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 money domestically and internationally safely, accurately and quickly in accordance with international banking regulations, and makes cheating almost impossible, but the use of IBAN in local remittances may be non-mandatory.  When an IBAN is applied in a country, all transfers of funds received and exported between this country and the other registered countries must be accepted and processed. All banks and financial institutions should apply this, but they do not have to be dealt with domestically, Development in trading and financial transactions. This is a promising step that will lead us to be optimistic and to wonder at the same time. It is the starting point for engaging in the digital banking industry, which will require other government and private banks to take quick steps to follow. This will establish a banking industry that will upgrade the global banking industry. Unless this system enters the entire Iraqi banking sector.  And work is a positive indicator and catalyst for the potential flow of investment funds within the country, as well as its role in the removal of classical methods in the performance of banking because the work requires a digital infrastructure and the support of an employee and an integrated system of the system of electronic payments. And here is the question about the time taken by the processes of preparation for the introduction of electronic systems, and the seriousness of some government and private banks in the introduction of these systems, which remained stalled until now? Will we see in the coming days a serious and mandatory work to introduce all technologies into force?      http://www.alsabaah.iq/ArticleShow.aspx?ID=147502

[Jmcc]

Sounds very interesting. Gotta have that IBAN 

[zul]

Just sharing: 

 

A SWIFT code is used to identify a specific bank during international transaction, whereas IBAN is used to identify an individual account involved in the international transaction. Both play an essential role in ensuring the smooth running of the international financial market.
 

[nannab]

Thanks Zull !  My something new that I learned today.

[new york kevin]

So this will help with those that have WARKA accounts?

[Jmcc]

16 hours ago, new york kevin said:

So this will help with those that have WARKA accounts?

Article just mentioned Rafidain bank, but at least it is progress toward the end goal.

[Laid Back]

Looks like the Iraqi banking system is ready to go international.!

 

Go IBAN

Go SWIFT CODE

Go new monetary policy 

Go $1:1

 

[ChuckFinley]

12 minutes ago, Laid Back said:

Looks like the Iraqi banking system is ready to go international.!

 

Go IBAN

Go SWIFT CODE

Go new monetary policy 

Go $1:1

 

Foundation is being set, it is coming.  

[jeepguy]

19 hours ago, Butifldrm said:

This is a promising step that will lead us to be optimistic and to wonder at the same time

 " wonder when it will start  in the dinar  "  

[Jmcc]

22 minutes ago, ChuckFinley said:

Foundation is being set, it is coming.  

At least they are working on it. Gotta have all that stuff in order to be able to transfer internationally. How soon the rest of the banks catch up might be iffy, but, hey, progress is progress. To me, this is more important than a lot of other things we read here.

[Wiljor]

1 hour ago, Laid Back said:

Looks like the Iraqi banking system is ready to go international.!

 

Go IBAN

Go SWIFT CODE

Go new monetary policy 

Go $1:1

 

 

1 hour ago, ChuckFinley said:

Foundation is being set, it is coming.  

 

Afternoon gents, I do concur with you both, Iraq has accelerated its progress in the banking sector and urgency to get this done by years end seems very posible. Lots of good stuff happening right now and they seem to be back on track to make the jump to the international community 

[Laid Back]

2 hours ago, ChuckFinley said:

Foundation is being set, it is coming.  

You got that right CF 

1 hour ago, Wiljor said:

 

 

Afternoon gents, I do concur with you both, Iraq has accelerated its progress in the banking sector and urgency to get this done by years end seems very posible. Lots of good stuff happening right now and they seem to be back on track to make the jump to the international community 

Looks like 2018 will be the year the dinar goes international 

 

Go CBI

Go 2018

Go $1:1

[eighty227]

4 hours ago, Jmcc said:

Article just mentioned Rafidain bank, but at least it is progress toward the end goal.

21 hours ago, new york kevin said:

So this will help with those that have WARKA accounts?

IBAN numbers have been assigned to individual Warka accounts sense October of 2016.

 

[sandfly]

hope so lb

[ChuckFinley]

22 hours ago, Jmcc said:

At least they are working on it. Gotta have all that stuff in order to be able to transfer internationally. How soon the rest of the banks catch up might be iffy, but, hey, progress is progress. To me, this is more important than a lot of other things we read here.

Very true my friend. 

[Freedomwish]

22 hours ago, Laid Back said:

You got that right CF 

Looks like 2018 will be the year the dinar goes international 

 

Go CBI

Go 2018

Go $1:1

 

14 hours ago, sandfly said:

hope so lb

 

We all are praying so indeed!! 

[Laid Back]

15 hours ago, sandfly said:

hope so lb

Me too my friend, things are pointing in that direction.

hope you're doing well and safe.!

36 minutes ago, Freedomwish said:

 

 

We all are praying so indeed!! 

Fredoom, 

[copper13]

Is it true that the Dinar is now a program rate, but it needs to change (RV) before they are accepted into the WTO??

[sandfly]

thanks l b doing good thanks