The Central Bank of UAE has announced the launch of an enhanced local electronic funds transfer system (UAEFTS). These enhancements will improve payment and returns processing times for electronic payments within the UAE. The following changes will apply to all domestic UAE Dirham (AED) payment instructions processed via your accounts maintained in UAE from 14 April 2012. Effective 14 April 2012, all customers are required to provide a valid Transaction Type Code (listed below) to allow banks to accept and process payment instructions. Any payment instruction submitted to Bank Saderat Iran without a valid Transaction Type Code may be rejected, OR delayed. Salaries processed via The Wages Protection System (WPS) do not require a Transaction Type Code. IBAN was implemented on 19 November 2011 with a grace period ending on 12th April, 2012. Therefore, effective 14 April 2012, all domestic payment instructions are required to contain an IBAN in the beneficiary account number. Any payment instructions including WPS payments submitted without IBAN, with the exception of credit card payments, are subject to rejection by the UAEFTS. If you have standing orders/instructions for effecting payments in future, you also need to amend the same, by providing a valid Transaction Type Code and IBAN equivalent for the beneficiary account. Please be advised that, as per Central Bank guidelines, starting April 14th 2012, credit to accounts held in banks operating in the UAE will be affected solely based on the beneficiary IBAN. As a valued customer of us, we would advise you to provide your proper IBAN to your payers and also obtain valid IBAN numbers from your payees.

You can Download valid Transaction Type Code with description here

Please be advised, the codes that can be used are dependant on the type of account that you hold in the books of Bank Saderat Iran. For Transaction Type Code with reference number (INV, ROB, ROC) please provide the reference number in customer reference field. For further information you may; Contact your Relationship Manager Visit your nearest BANK SADERAT IRAN branch We thank you for banking with BSI. Yours sincerely To get more information please click on the folowing link : CBUAE Payment and Settlement Systems