State Bank of Pakistan (SBP) has announced extension in the deadline for mandatory use of International Bank Account Number (IBAN) for Pakistan Remittance Initiative (PRI) remittances for six months. In order to reduce transcription errors in PRI payments, revising Pakistan Remittance Initiative (PRI) standard, SBP has decided to incorporate International Bank Account Number (IBAN) for remittances.
Accordingly, IBAN field with a fixed length of 24 characters was included in the PRI format and it was decided that IBAN information to be sent by overseas remitters is optional until June 30, 2015 after which it will be mandatory. Banks have been already directed to incorporate the abovementioned changes in their PRI-related applications by March 31, 2015. They have also been advised to take necessary steps for raising awareness among remitters and beneficiaries about this change/adoption.
However, now the State Bank has decided to extend the deadline for mandatory use of IBAN for PRI remittances for six months. "Keeping in view the requests of the PRI member banks, it has been decided to extend the deadline for mandatory use of IBAN for PRI remittances from June 30, 2015 to December 31, 2015," said PSD Circular Letter No 02 of 2015 issued by the central bank for the Presidents/Chief Executive Officers of all banks.