Central Banking

Netherlands not prepared for Iban, says central bank

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The Netherlands Bank released a bulletin on August 28 revealing businesses are underprepared for the country's switch to using the International Bank Account Number (Iban) for payments.

As part of the country's migration to the Single European Payment Area, the Netherlands needs to implement Iban before February 1, 2014.

While the business sector is aware of the switch, they are not making adequate preparations, said the central bank in the bulletin. An impact assessment carried out by the

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