Automatic processing of money transfers, to improve the speed and accuracy of the customers' payment transactions.
Manama, Bahrain: Bahraini retail and commercial banking institution, BMI Bank today announced that it had implemented the International Bank Account Number (IBAN) standards to increase the efficiency of electronic fund transfers both within and outside Bahrain. The IBAN is an international standard used to identify bank accounts (excluding credit cards and checks). The primary objective of the IBAN is to facilitate automatic processing of money transfers as well as help improve the speed and accuracy of customers' payment transactions. The IBAN will further prevent delays and extra costs that often arise when customers use incorrect account numbers especially in money transfers.
Commenting on the implementation, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said,
"We wholeheartedly welcome the adoption and gradual implementation of the IBAN in all financial institutions within Bahrain. First adopted by the European Committee for Banking Standards (ECBS), IBAN allows account numbers to be validated more simply, quickly, and reliably all over the world whilst keeping pace with the latest developments in the world's banking sector.
With its reliability and accuracy, this unique account number will allow customers to confidently make or receive payments (excluding credit cards & check) reducing delays and errors. Implementation of the IBAN system will also enhance the quality of information exchanged between banks internationally.
An IBAN has been automatically assigned to each of the Bank's customer's account and will be reflected in their account statements which will be sent out this month. The IBAN is not a new account number and will include the original bank account number, plus additional characters. Given that the use of IBAN in Bahrain for inter domestic as well as cross border payments will be mandatory from 31st January 2012, I request our customers to save this number to assist them in all their future transactions."
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About BMI Bank B.S.C. (c)
Bahraini retail and commercial banking institution, BMI Bank is a retail bank, registered in Bahrain and regulated by the Central Bank of Bahrain offering a full range of retail and commercial banking services. BMI Bank operates in Bahrain through a network of 8 branches and 29 ATMs with net banking for easy access to services.
BMI Bank also operates an Offshore Bank in the Seychelles, a branch in Qatar and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI Bank owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain. BMI Bank's shareholders include some of the strongest and most respected financial institutions across the GCC, including BankMuscat.
BMI Bank currently offers its customers a range of retail products and services including savings and current accounts, Ayadi savings account, Sapphire, its Premier Banking service, credit cards including Diners Club and La Carte, a co-branded credit card in partnership with Geant Hypermarket Bahrain, consumer and vehicle loans, mortgages and fixed deposits. In addition to Retail Banking, BMI Bank offers full SME Banking, Premier Banking, Private Banking, Corporate Banking, Islamic Financial Services, and Treasury services
For further information, please contact:
Gordon Andrade
Head, Corporate Communications, BMI Bank - Bahrain
E-mail: gordon.andrade@bmibank.com
Cell: +97339782225
© Press Release 2011
