Title : FIN Cuba connected to SWIFT and IBAN is currently in use?
Subject: Cuba connection to Swift network + IBAN query
Please be advised that there are some Cuban banks connected to the Swift network. You can check the BIC directory for a list of the banks.
Further regarding the IBAN query, I have copied some text from one of our Tips.
IBAN stands for International Bank Account Number.
The IBAN initiative was launched in 1996 by the European Committee for Banking Standards (ECBS) to help resolve inefficiencies and higher fees linked to the lack of standards for cross-border payments. The objective of IBAN is to increase the efficiency for cross-border payments with regard to cost, speed and quality. To reach this objective it is required to have a standard method to enable proper interpretation and validation of foreign account numbers.
IBAN is formatted according to international standards to uniquely identify a bank account in cross border transactions between European Countries. At present 19 countries have finalised IBAN standards, these are the 15 European Union countries, plus Switzerland, Iceland, Norway and Poland.
The European commission has recommended July 2003 as the target date for the use of IBAN. Beyond this date the non-usage of the IBAN number could induce, at the discretion of the ordering bank, higher bank charges for cross border payments.
Structure of IBAN account
Depending on the country the IBAN account can have up to 27 alphanumeric characters:
the first two alphabetic characters identify the country in which the account is held;
the next two digits are the check digits, they validate the complete IBAN;
the final part of the IBAN is the domestic account number.
Please contact the European Committee for Banking Standards (ECBS) for further details.
Please be advised that this should answer your query and that the case will be closed.
Be informed you can still come back on this case for further assistance and that we can continue follow up if you refer to the above case reference number.
Rupert Chin A Paw
Customer Services Analyst
SWIFT Customer Services
SWIFT Customer Services Europe
tel: +31 71 582 2822 fax: +31 71 581 2645
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