What is IBAN?
"IBAN ACCOUNT NUMBERING" (International Bank Account Number) refers to a 20-character structure for a customer’s account number that can be used for international transactions. In Mongolia, according to the Law on the National Payment System, banks and entities authorized to issue electronic money will transition to the unified IBAN numbering system from January 1, 2022, to October 31, 2024.
The implementation of IBAN numbering will allow for:
- Easy and quick verification of account number errors.
- Direct identification of the bank holding the account.
- Reduction of errors and returns in international transactions.
