SIO Launches Digital IBAN Verification Service
New service with BENEFIT aims to speed up insurance payments
The Social Insurance Organisation (SIO) has launched a new IBAN verification service in partnership with BENEFIT, allowing beneficiaries’ bank account details to be verified electronically with their consent.
The service enables the SIO to directly confirm the validity of an IBAN and its connection to the beneficiary, reducing reliance on paper documents and manual checks.
The new system is expected to save time and effort, improve data accuracy and reduce delays caused by incomplete or incorrect banking information.
SIO CEO Sahar Rashid Al Mannai said the partnership with BENEFIT supports the Organisation’s efforts to modernise its procedures and use technology to ensure insurance entitlements are paid to the correct beneficiaries.
She said accurate verification of bank details helps protect beneficiaries’ rights while reducing issues that could delay the completion of transactions.
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