Sudan in Swift

10/13-2021, Khartoum.

The Central Bank of Sudan revealed the receipt of several transfers via the International Bank Account Number (IBAN), for clients of some banks.

He stressed in a press statement that it is an order that proves that the IBAN is intended for use without any obstacles, which was confirmed by the tests with the SWIFT organization and its confirmation of the inclusion of Sudan in their monthly bulletin, in addition to special bulletins for financial companies.

The Central Bank revealed that 27 commercial banks have passed the IBAN tests, which enables them to deal through it to receive and send remittances to and from outside Sudan.

The Central Bank indicated that only 11 banks remain so that it can be said that all banks implemented the project with a 100% success rate, indicating that these remaining banks are working in implementing the last tests to establish the IBAN, which entails modifying the formula of their banking systems and amending and merging accounts, including Banks that have had their IBANs retested and are in the process of being modified.

He pointed to the advantages of the International Bank Account Number (IBAN) represented in standardizing bank account standards, increasing the efficiency of banking operations, compatibility with international banking systems, facilitating money transfers with more speed, higher accuracy and lower cost, facilitating the processing of cross-border and internal transactions and exchanging account identification details.

Automally verifiable, facilitating beneficiary and beneficiary account number validation and compliance with AML/CFT controls, reducing the cost of incoming and outgoing transfers – especially with the 79 implementing countries that operate with IBAN (if IBAN is not used, the transfer tariff rises).

The Central Bank announced that it will adopt a simplified, easy to understand and transparent policy of communication with citizens to enlighten them about the work it is doing to upgrade and develop the performance of the banking system, so that banks can contribute effectively to providing the necessary services to the public of customers, as well as contribute to achieving economic development in Sudan.

With SUNA agency reports


Be the first to comment

Leave a Reply

Your email address will not be published.