Anyone with a Nicaraguan bank account (saving or checking) may have noticed a change in the way their accounts numbers are displayed.
On the 25th of January 2023, The Central Bank of Nicaragua (known by their acronym in Spanish as BCN) and the country’s banks introduced the first phase of the International Bank Account Number or IBAN numbering system plan which had been agreed upon back on October 2018.
The IBAN system converts all a saving and checking account numbers to a standardized “alphanumeric” configuration (numbers and letters).
This standard bank account structure easily identifies national and international bank accounts using a simple system that is now used in 75 countries around the world.
This first phase introduced the IBAN account number on all of the customer’s saving or checking accounts and related documents. These can be seen when they visit their online and mobile banking screens.
Note: Bank customers will notice no change in the way they do their banking. They can use their current account numbers for all banking operations, the bank will internally and automatically make the change when processing your transactions. However, they can use their IBAN number for transactions through the Interconnection Payment System (SIPA), see Central America Transfers below.
IBAN 28 Position Alphanumeric Format
The first two positions show the country code. The next two are randomly selected numbers that validate the IBAN number. These are followed by the 4 digit individual bank code and the last 20 positions are your existing account number preceded by enough zeros to make up the 20 positions.
Central America Transfers
Also included in the introduction of phase 1 is the ability for individuals and companies with Nicaraguan bank accounts to use the IBAN account to receive payments from Costa Rica, El Salvador, Guatemala, Honduras and the Dominican Republic, through the System Interconnection of Payments (SIPA).
Second Phase
It is anticipated that the second stage will be implemented in 2025 and customers will then be able to use their IBAN account numbers in banking operations and in banking service channels (website, mobile banking, ATMs, tellers and service platforms).
Security
Be aware that the Bank of Nicaragua reminds Nicaraguan account holders that as part of the IBAN implementation process, the BCN or other entity will not call or contact you to request information about your account numbers.
Click on this link for more BCN information on the IBAN system.
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