Mashreq, the UAE’s oldest privately owned banking institution, has introduced the International Bank Account Number (IBAN) Validation Application Programming Interface (API).
IBAN Validation API, tailored for business and corporate customers, aims to reduce errors and minimize fraud risk. By integrating with Central Bank of the UAE (CBUAE) payment infrastructure, the API ensures accurate verification of beneficiary account information, adhering to regulatory standards.
The customers can access this tool via API Developer portal, seamlessly integrate it into their existing systems, and use it to validate IBANs on demand in real time, eliminating delays and improving payment efficiency.
Devendra Kumar Head of Global Transaction Banking (GTB) Channel Products – Mashreq, said
“At Mashreq, we are committed to equipping our customers with innovative tools for a seamless banking experience. We know that secure financial transactions are crucial for individuals as well as businesses. Whether you are a multinational corporation or a local enterprise, accurate bank account information is essential to ensure that funds are routed correctly to the intended beneficiary. Our IBAN Validation API enables companies of all sizes to verify the account details prior to initiating a payment, empowering them to pay with confidence. We highly encourage our customers to validate the IBAN before making any fund transfer or vendor payments, particularly when there is a change in the account details of their beneficiaries.”
The IBAN is a standardized format used globally to identify bank accounts, which includes providing the beneficiary name, account number, bank name, country, and SWIFT code. Accurate IBANs are essential for domestic and cross-border payments, payroll processing, supplier settlements, and other financial transactions.
