Costa Rican banks to adopt IBAN by October

The Central Bank of Costa Rica
Rachael King

Costa Rica will begin the final stage of adopting the International Bank Account Number system today (August 1), linking up to the widely used cross-border payments standard.

The switch to IBAN aims to “modernise” Costa Rica’s payments system, the central bank said in the statement. Almost 70 countries, including most European states, currently use the standard.

IBAN is a system that helps identify bank accounts across borders on the basis of an agreed format. It originated in the eurozone but

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