Moldovan banking system to implement IBAN code for national transfers

11:03 | 24.04.2015 Category: Economic

Chisinau, 24 April /MOLDPRES/ - The Moldovan banking system will implement the International Code IBAN (International Bank Account Number) for national credit transfers starting from 1 January 2016.

"This important step to ensure modern advantages of such transfers is provided for in the amendments and completions made to the Regulation on credit transfer, recently approved by the Board of the National Bank of Moldova (BNM). This is the second stage of the implementation of this code, with the first one regarding cross border transfers," says a press release by BNM.

IBAN represents a string of characters which uniquely identifies the account of an international client at a financial institution through recognition by any bank operating in the SWIFT network.

To adapt to the new practice, there will be a transition period. Thus, till 1 January 2017, the banks and other institutions will accept payment documents on the use of accounts based on the IBAN codes, as well as documents concerning the present accounts in the formula before the implementation of the concerned codes.

In carrying out national transfers, the new provisions on the use of IBAN code are aimed at minimising errors, data processing time and reducing the costs of transfer service.

The IBAN code related to international transfers was implemented in Moldova in 2013.

(Reporter V. Bercu, Editor L. Alcaza)

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