Account Number to IBAN Convertor Tool
The International Bank Account Number (IBAN), is an internationally agreed method of identifying bank accounts across national borders. Before the use of IBAN, both corporate and retail customers often got confused with the large number of identification variations of the domestic bank accounts, as they comprised of different banking codes and routings.
With the creation of the Single Euro Payments Area (SEPA), the IBAN became an important tool for identifying cross-border payments within the SEPA-zone. The IBAN is intended to replace the domestic bank account number, which in several cases creates confusion, mistakes and delays for electronic payments.
The Cypriot banking community in co-operation with the Central Bank, have decided to implement 28 characters for the Cypriot IBAN. Consequently, a typical IBAN of a Cypriot-based bank account looks as follows:
CY 51 0030 0013 0000 0013 2102 4363
In March 2012, the European Parliament approved the "Regulation (EU) No. 260/2012 for establishing technical and business requirements for Credit Transfers and Direct Debits in euro”, otherwise known as the “Regulation for the SEPA migration end-date".
Among other things, the Regulation requires the exclusive use of IBAN instead of the domestic account number, for the processing of any Credit Transfer or Direct Debit payments within Cyprus or the SEPA zone. The "IBAN only" requirement must be adopted by all participating countries for both domestic and cross-border payments, the latest by the 1st of February 2014.
How to use the Account Number to IBAN Convertor Tool
Having all the above in mind, the Association of Cyprus Banks and its members have decided to create a special page in the Association’s website, in order to enable users to convert their existing bank account numbers to IBAN. The page contains a portal which is linked to the websites of all of the Association’s member banks. With a touch of a button, the said links are connected to specific pages in the bank’s websites, which in return are able to provide account number to IBAN conversion facilities for users. By using these services, holders of domestic electronic payments will be able to easily identify the IBAN of their own account numbers or their counterparties, without wasting time on communicating with their banks.
The IBAN conversion tool can be used by following 3 simple steps:
Step 1: Enter the website of the Association and press "IBAN Conversion Tool" under "Advanced Search".
Step 2: Click on the link of the bank with which you (or your counterparty) hold an account. The link automatically transfers you to the website of the bank, and the specific "Account number to IBAN conversion" page.
Step 3: Enter the number of the account you want to convert (without hyphens or spaces) and press "calculate" or "enter". The IBAN automatically appears below.
Account Number: _____________________
Press "calculate" or "enter"