KARACHI: In order to bring about account code standardisation and efficiency in processing of payments for domestic, as well as cross-border transactions, the State Bank of Pakistan (SBP) has decided to implement International Bank Account Number (IBAN) standard in Pakistan.
IBAN is an international standard for identifying bank accounts across national borders with a minimal risk of propagating transcription errors, according to the SBP guidelines on IBAN implementation in Pakistan, released on Tuesday.