The State Bank of Pakistan (SBP) has announced compulsory use of incorporation of International Bank Account Number (IBAN) in Pakistan Remittance Initiative (PRI) Home Remittances by 31st December 2016. According to SBP, in view of the current level of customer awareness about IBAN, it has been decided that the compulsory use of IBAN in PRI Home Remittances will be implemented by 31st December 2016.
Further, SBP has observed that despite repeated extensions the level of IBAN usage in home remittances is still low and banks have not taken adequate measures to enhance customer awareness in this regard. Accordingly, PRI member banks are advised to take all necessary steps for conveying IBAN to their respective customers and create awareness about its usage among their customers and the concerned branch officials, especially with regard to home remittances.
Banks have also been advised to take up the matter with their tie-ups for encouraging remitters to use IBAN. PRI member banks have been advised to submit a monthly report, on IBAN usage in home remittances and measures taken by them as per the provided annexure. According to SBP, all other instructions in this regard will remain unchanged. The SBP has asked banks to ensure meticulous compliance.
Last year, keeping in view the request of the PRI member banks, it was decided to extend the deadline for mandatory use of IBAN for PRI remittances from December 31, 2015 to June 30, 2016. Banks were also advised to incorporate the changes in their PRI related applications by March 31, 2015. They are also advised to take necessary steps for raising awareness among remitters and beneficiaries about this change/adoption.