Monday, May 07, 2012
Gulf News
Abu Dhabi: The UAE Central Bank yesterday attributed a delay in salary payments and transfers to the lack of the 23-digit International Bank Account Number (IBAN) on salary lists by some companies. The regulatory body said it was the responsibility of employers in private and public sectors to supply banks with the IBAN of their employees or face non-payment of salaries.
The bank was flooded with complaints about delays in transferring salaries.
The IBAN is a standard for identifying all bank accounts in the UAE that the Central Bank started implementing on November 19, 2011.
Companies send lists with employees salaries and IBAN numbers. Some of the employees still had not received their IBANs which delayed the processing of their salaries at the banks, according to the Central Bank.
According to a statement by the Central Bank, the adoption of IBAN is a step in the right direction towards increasing the efficiency of electronic payments in the UAE, while further strengthening the countrys status as a global financial centre.
Mandatory
A few people received their salaries a few days later than scheduled and this is because they had no IBANs which are required by the Central Bank, said a banker.
The banker highlighted that the Central Bank had many times issued statements telling clients to get their IBANs as this will be mandatory for all their incoming payments as of April 14 2012.
By Shehab Al Makahleh, Staff Reporter
Gulf News 2012. All rights reserved.
