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INVESTBANK Implements the IBAN System

Date: 
Mon, 02/24/2014

February 16, 2014: INVESTBANK, the leading bank in client relations announced the implementation and adoption of the International Bank Account Number (IBAN) system for its clients. The system will go into effect beginning on Sunday, February 2, 2014, where clients can obtain these numbers at any of the Bank’s branches or through iBank, its online banking services.

The Bank notified all clients of the implementation of this system several months in advance through media outlets and mobile messages.

The implementation of the IBAN system is based on international standards pertaining to account numbers, allowing IT banking systems to identify client accounts easily and quickly. The IBAN system is also helpful with regards to incoming and outgoing bank transfers for clients.

Mr. Muntaser Dawwas, CEO of the Bank, commented: “The IBAN will provide many advantages for clients, most notably the immediate transfer of future funds that will reduce manual processes or any errors caused by them.”

Dawwas added that INVESTBANK was one of the first to equip itself with this system, a move consistent with the Bank’s values of innovation, effectiveness, and dedication to all that is modern in line with the requirements of our time.

In line with the decisions of the Central Bank and the International Banking laws, the use of IBAN will be required for all incoming and outgoing transfers for clients as of February 2, 2014.

Other benefits of the IBAN system include facilitating the execution of bank transfers for clients through all available banking channels, whether through INVESTBANK branches across Jordan or via iBank, online banking service. This will reduce the cost of bank transfers and will reflect positively on the operational efficiency of transfer processing.