The International Bank Account Number (IBAN) represents one of the modern banking tools that has brought about a major transformation in the way financial transactions are carried out, whether international or local. This number is considered an accurate identifier for bank accounts, which contributes to reducing errors and improving the efficiency of financial transactions. .

One of the most prominent features of IBAN is that it reduces errors resulting from entering account data during money transfers, as it contains verification codes that guarantee the validity of the information provided. This feature makes it easy for banks to verify the validity of the target accounts before executing transfers, which enhances security and transparency in Banking operations.

IBAN also plays a pivotal role in facilitating international money transfers. Thanks to its use as a unified standard in more than 70 countries around the world, customers can send and receive money between countries easily and quickly. This flexibility makes it an important tool for companies and individuals who deal with international payments.< /p>

In addition, IBAN contributes to speeding up banking operations, as it reduces the time required to process remittances, which makes transactions more efficient and saves time for customers and banks alike.

- The regime’s entry into Yemen

With the Central Bank of Yemen’s announcement a few days ago of the entry of the International Bank Account Number (IBAN) into Yemen, this represents an important step towards improving the financial and banking system in the country, and is part of the major transformation that the banking sector is witnessing.

This step is an affirmation of the trend towards modernization and development in banking transactions, which contributes to enhancing confidence in the local banking system and keeping pace with international standards.

The importance of introducing the IBAN number for Yemen lies in several aspects, the most prominent of which is that with the increased use of IBAN, citizens and companies will be able to send and receive money more accurately and securely, whether within Yemen or across the border. This enhances the possibility of conducting financial transactions with international financial institutions without errors. Or delay, especially with international banks, IBAN will shorten the time it takes to transfer funds across borders, which will contribute to accelerating economic growth and stimulating trade and investment in Yemen.

The IBAN provides an additional layer of security, as the number contains verification codes that prevent errors and protect against fraud, which enhances the protection of funds and financial interests of individuals and companies.

With the implementation of IBAN, it is expected that the confidence of international financial institutions in the Yemeni banking system will increase, which will facilitate financial cooperation with international banks and companies. This confidence contributes to attracting investments and strengthening the national economy, and Yemen ensures that all banking transactions are carried out according to unified standards. And compatible with global financial systems.