Circulars/Notifications  

 PSD Circular No 02 of 2012
May 15, 2012

The Presidents/Chief Executives (Commercial Banks)

Dear Sirs/Madam,

IBAN Implementation Guidelines

 


In order to bring about account code standardization and efficiency in processing of payments for domestic as well as cross border transactions, State Bank of Pakistan has decided to implement International Bank Account Number (IBAN) standard in Pakistan that is an international standard (ISO 13616) for identifying bank accounts across borders.

The attached IBAN guidelines contain details for IBAN generation, validation and implementation timelines. These guidelines have been developed in consultation with PBA nominated committee on IBAN. All participants are advised to ensure implementation of IBAN as per given timelines..


Please acknowledge receipt.

Encl: IBAN Implementation Guidelines.


Yours faithfully,

Sd/-

(Zafar Iqbal)
Director

 

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