IBAN stands for International Bank Account Number. It is the ISO 13616 international standard for numbering bank accounts. In 2006, the International Organization for Standardization (ISO) designated SWIFT as the Registration Authority for ISO 13616. The IBAN facilitates the communication and processing of cross-border transactions. It allows exchanging account identification details in a machine-readable form.
Nationally-agreed, ISO13616-compliant IBAN formats are submitted to the registration authority exclusively by the National Standards Body or the National Central Bank of the country.
Implementing IBAN in Kuwait does not require the bank to have new bank account numbers, but it is required that the bank has the capability of producing the IBAN from the current bank account numbering format.
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