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IBAN banking standard starts working in Ukraine

Source : 112 Ukraine

It is compulsory for the clients of all banks in Ukraine when it comes to money transfers in both national and foreign currencies
11:42, 13 January 2020

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On January 13, Ukraine accepted the IBAN banking standard. The respective decree was made by the National Bank board. 

The number of bank account will consist of 29 symbols: UA (2), check position (2), bank code (6), the account itself (it's not something fixed; before November 2019, it was from five to 14 symbols, and since November 2019, it turned into from five to 19 symbols).

The National Bank has been planning to switch the entire banking system in the country to IBAN standard for a while. 

Related: Eurointegration of bank accounts: Why Ukraine implements IBAN standard?

The National Bank believes that the transfer of bank accounts to the new standard will bring the Ukrainian payment space closer to the European one and will contribute to the further modernization of the electronic payment system. It is also noted that money transfers both within the country and abroad will be faster with the use of the IBAN standard.

In addition, thanks to the introduction of IBAN, it will be easier to identify the payer and recipient of funds, as well as the bank of Ukraine that serves them.

The NBU assures that with the help of the European standard it will be possible to avoid errors in account details due to a reduction in details in settlement documents. In other words, now the bank code, bank account, etc. will replace the bank account number according to the IBAN standard.

Related: Ukraine's economy to see up to 3.7-percent growth in 2020, - World Bank

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