With the introduction of EURO in most European Countries it has become imperatively necessary to harmonize the transactions of Financial Institutions within the member states of the European Union, with emphasis on cross border payments. The banking community created the European Payments Council to improve cross – border payments. Such improvements clearly require a standard method to enable the proper interpretation and easy validation of bank account numbers
What is the IBAN and how is constructed
The IBAN consists of alphanumeric characters, which uniquely identify an account held at a bank anywhere in the world. The IBAN format for Cyprus is as follows:
where CC: country code, DD: control digits, TTT: bank code, KKKKK: branch code and 16 digits for the customer’s account number.
For example, if a customer’s account number is 5254651004, then the IBAN is:
In electronic format: CY79006005250000005254651004
In paper format: CY79 0060 0525 0000 0052 5465 1004
The IBAN has a maximum length of 34 alphanumeric characters. In the case of Cyprus it consists of 28 characters.
Examples of other countries IBANs are:
- Greece GR16 0110 1250 0000 0001 2300 695
- U.K. GB29 NWBK 6016 1331 9268 19
- Germany DE16 5003 3300 0532 0130 00
What is the purpose of the IBAN
The aim of the IBAN is to facilitate the automatic processing of cross-border payments. Data correctness will be assured and manual intervention will be reduced.
IBAN in Cyprus – Implementation by Banking Institutions
As of 01.04.2004 all Banking Institutions in Cyprus will be using the IBAN. The IBAN will be printed on your accounts’ statements as of 31.01.2004. In addition you can request the IBAN for any of your accounts from our branches.
How to use the IBAN – Example of cross-border payment
- The IBAN and the Bank Identifier Code (BIC) are made available to the beneficiary by its/his/her bank.
- The beneficiary forwards the IBAN and the BIC to the ordering customer.
- The ordering customer submits a cross-border payment order, which includes the beneficiary’s IBAN and the beneficiary’s IBAN and the beneficiary’s bank BIC.
- The ordering customer’s bank verifies the IBAN and the BIC and sends the cross-border payment order to the beneficiary’s bank. Upon receipt of the order the beneficiary’s account is credited.
Please type Account number and click “Submit”