As of 5 August, new accounts will be opened for clients exclusively according to the international IBAN standard
As of 5 August, Pivdenny Bank will open new accounts for clients exclusively in accordance with the requirements of the international IBAN standard. For accounts opened by 4 August 2019 inclusive, a transitional period will last until 31 October 2019. During this period, settlements will be performed using both IBAN and the format “MFO code + account number”. However, as of 1 November 2019, the application of the IBAN standard will become mandatory for clients of all banks in Ukraine when making money transfers in national and foreign currencies, including international transfers.
The IBAN (International Bank Account Number) is a standardised account number format of 29 characters. An account in IBAN format, in addition to the account number, contains information about the country code (UA) and bank MFO. The implementation of the IBAN in Ukraine is regulated by the relevant resolutions of the National Bank of Ukraine – No. 162 of 28 December 2018 and No. 41 of 22 February 2019.
The implementation of the IBAN standard will simplify identification of the payer and recipient of funds, as well as avoid accounting errors due to the reduction of details in settlement documents, as well as speed up payment processing by banks of states within the European Economic Area.
Clients will receive information from the bank about a change in their current account in accordance with the IBAN standard to inform their counterparties and indicate this change in settlement documents. At the same time, a change in the current account number according to the IBAN standard does not change the provisions of the agreement (bank account agreement/settlement and cash services/bank deposit, etc.).
In addition, the bank will inform regulatory authorities about the change in the current accounts of corporate clients and independently submit to the bodies of the Pension Fund of Ukraine/social security authorities a list of accounts according to the IBAN standard.
You can find out your IBAN at: https://getiban.bank.com.ua