What is the main benefit for customers from using IBAN?

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bank-account
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(Michelle Gjerde) #1

What is the main benefit for customers from using IBAN?


(Abdullah Al Khalaf) #2

The main benefit of IBAN to the customer is the assurance of their transactions made to correct account to be processed efficiently and with no delay. Since banks check the accuracy of the IBAN at the point of initiating a payment, they can only make the payments which carry the correct IBAN.


(Daniel Mc Queen) #3

The main benefit is that IBAN should provide you with quicker processing of your funds transfer. Since banks are required to check the accuracy of the IBAN at the point of initiating a fund transfer , they can only make the funds transfer which carry the correct IBAN.