ARTICLES 
Bulgaria to Impose New Bank Account Numbers by March 1
www.novinite.com, 20th February 2006
Bulgaria will have to impose new bank accounts numbers by March 1. The new numbers that come under the international IBAN standard will include 22 symbols instead of ten and will include letters along with the figures.
Bulgaria's banks will have to replace the numbers of all accounts used for transactions both in the country and abroad by March 1, the National Bank explained. The new number - IBAN (International Bank Account Number) will replace the old one and will be active as of June 5.
The International Bank Account Number (IBAN) is an international standard for numbering bank accounts. It was originally adopted by the European Committee for Banking Standards, and was later adopted as ISO 13616:1997.
The IBAN always starts with a two-digit country code which is followed by a two-digit control part, a reference to the bank (the bank's local code) and the beneficiary's domestic account number.

Usage of the IBAN reduces the number of possible delays and errors upon making international payments, because the bank sending the payment is able to check the correctness of the account number (IBAN) entered by the client before the payment is sent out of the bank. Thus, usage of the IBAN allows for quicker transfer of funds and future reduction of service fees related to international payments.
Until January 2006 IBAN has been implemented in 42 countries.

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