Central Bank of the Republic of Kosovo has received notification for IBAN format registration numbers of accounts kept in Kosovo banks. Since the formalization of SWIFT codes of banks of Kosovo last year, the Central Bank of the Republic of Kosovo and the country's commercial banks have been engaged to formalization the IBAN format of bank account numbers in Kosovo in order to further advance the performing international payments. At first, IBAN format will be optional use in international payments and will not be reflected in inside the country payments. The entry into force of the IBAN of Kosovo’s bank accounts will be on 1 February,2015. Till then will be carried out all the technical preparations and announcements by clients of financial institutions in the country.
IBAN (International Bank Account Number) is an internationally standardized format of bank account number, which is used by many countries, mostly in Europe. Originated as a European initiative for economic integration in the area of payments. The primary purpose of using IBAN format is to reduction the risk of transcription errors in bank account numbers, difined them in structurally and arithmetically. IBAN format is regulated by the international standard ISO 13616.
Using IBAN format for accounts held in Kosovo will complement the SWIFT system functionality associated with international payments citizens and other subjects of our country. Initially, the use of IBAN bank account format will facilitate Kosovo's international incoming payments, enabling foreign bank clear identification of the beneficiary bank account in Kosovo and complementary control of the accuracy of this account. In addition, the use of IBAN format will reinforce the international reputation of the country's financial institutions.