Central Bank of Oman Moves to International Bank Account Number (“IBAN”) Standard

Background on Oman

Oman is an independent sultanate Oman is an independent sultanate located on the southeastern coast of the Arabian Peninsula in Western Asia (Middle East). It is bordered by Saudi Arabia, the United Arab Emirates, and Yemen, with a long coastline along the Arabian Sea and the Gulf of Oman. Muscat is the capital and largest city. It is bordered by Saudi Arabia, the United Arab Emirates, and Yemen, with a long coastline along the Arabian Sea and the Gulf of Oman. Muscat is the capital and largest city. Oman’s nominal GDP is projected to reach approximately $113 billion in 2026 growing at approximately 3.1%. Despite diversification efforts, oil and gas remain central to the economy.

Payment Changes

Following an announcement by the Central Bank of Oman (“CBO”) to transition all payments to the International Bank Account Number (“IBAN”) effective immediately, pacs.008 payments in all currencies must contain a valid 23-digit Oman IBAN. To ensure payments are processed successfully, clients must ensure that the IBAN is quoted in the account number field for all transfers to/from Oman regardless of currency, as payments made after June 30, 2026, may be rejected.

Example of Oman IBAN format: OM060011234567891012131

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OM=country code; followed by 2 check digits, followed by a 3-digit bank code followed by a 16-digit account number.

Further, if the beneficiary’s bank is in Oman with no intermediary bank (generally referred to as two party payments in the industry) then the account number must be quoted on the payment instruction in IBAN format. Using SWIFT, this corresponds to the creditor field on pacs.008 (non-bank) payment instructions.

If the beneficiary’s bank uses an intermediary bank (referred to as three-party payments in the industry) then the account number at the intermediary bank must be quoted on the payment instruction in IBAN format. With SWIFT pacs.008 payment instructions this corresponds to the creditor agent field with the intermediary bank quoted in the intermediary field.

BFSI clients must make sure to obtain the IBAN from your beneficiary prior to making the payment to Oman.

For any scheduled or recurring payments into/from Oman, BFSI clients must ensure they update the payee details to include the IBAN.

If your firm would like assistance transitioning to the new IBAN format for Oman, or just to discuss your overall payments strategy with a consulting partner that has deep industry expertise – reach out to us here.