KYIV, Jan 2 – The National Bank of Ukraine (NBU) has approved the application of the international bank account number (IBAN) in Ukraine starting from 2019, the central bank has reported on its website.

The decision is outlined in NBU Board resolution No. 162 dated January 28, 2018 on the introduction of IBAN.

According to the new standard, the valid account numbers for clients will be supplemented with the country code and the bank code. According to the NBU, it will simplify the identification of the payer and the recipient of funds, as well as the bank of Ukraine, which settles payments, it will allow avoiding errors in the account details by reducing the details in the settlement documents, and will accelerate the transfer of funds.