IBAN usage commences today in Kosovo

Starting from February 2, 2015, bank account numbers in Kosovo will have the IBAN format (International Bank Account Number) also. Each relevant bank shall define the IBAN format to any account of their clients, in accordance with ISO 13616 international standard.
The use of IBAN in Kosovo is regulated by the CBK Regulation on Standard Numbers on Bank Accounts System. IBAN format of bank accounts consists of twenty (20) characters. The first four (4) characters are the same for all bank accounts XK05, representing the unique characteristics of county identification code of IBAN format and control the accuracy of the IBAN format, while sixteen (16) other characters represent the number of customer’s bank account in the local format. In order to illustrate, the IBAN format of the bank account number 1212 0123 4567 8906 in the country is XK051212 0123 4567 8906.
The primary purpose of using IBAN format is to reduce the risk of errors in the transcription of bank account numbers, by defining them in a structural and arithmetic manner. IBAN format will facilitate international payments in Kosovo, allowing foreign banks to clearly identify and verify the accuracy of the accounts in Kosovo. Also, the use of IBAN format will strengthen the international reputation of banks in our country and represents an important step towards European integration in the field of payments.
In the official register of IBAN, Kosovo is listed alongside other worldwide countries that use IBAN in accordance with ISO 13616 standards (www.swift.com/dsp/resources/documents/IBAN_Registry.pdf). Additional information on the use of IBAN in Kosovo can be obtained in the respective regulations of BQK (www.bqkkos.org/repository/docs/korniza_ligjore/shqip/Sistemi%20i%20Numrave%20Standard%20te%20Llogarive%20Bankare.pdf). Furthermore, for each specific clarification regarding the IBAN format of one’s bank account, clients of domestic banks may address to the bank directly.