The amendments made by the Central Bank of the Republic of Turkey (CBRT) to the Communiqué on the International Bank Account Number entered into force by being published in today’s issue of the Official Gazette.
In line with the regulations made, “banks”, which were designated as the implementing addressee in the purpose sentence of the communiqué, were changed to “payment service providers” and discussed in a broader context.
Thus, the purpose of the communiqué was defined as “to determine the principles and procedures regarding the application of the international bank account number by the payment service providers”.
In line with the change in the purpose sentence, the payment service provider’s equivalent will be added to the communiqué, and the payment service provider code to be determined by the CBRT will be taken as a basis in the creation of the IBAN structure. In this context, payment service providers other than banks will also be able to create IBANs for customer accounts subject to money transfer.
It will not be obligatory for payment service providers other than banks to create an IBAN for customer accounts subject to money transfer, unless there is a contrary provision in the system rules of the payment system in which they participate as a participant within the scope of Law No. 6493.
“A very important threshold has been crossed”
In the statement made by the Association of Payment and Electronic Money Institutions of Turkey (TODEB), it was noted that with the amendment made by the Central Bank of the Republic of Turkey in the Communiqué on the International Bank Account Number, it was possible to create an IBAN by payment and electronic money institutions.
In the statement, it was stated that by defining the customer number in international standards, it will be possible to make all money transfers, especially international payments, easier and faster by payment and electronic money institutions.
Burhan Eliacik, Chairman of the Board of TODEB, whose views were included in the statement, made the following evaluations:
“A very important threshold has been crossed for the full integration of payment services and electronic money transactions with the national and international financial system. In addition, a new era has started in which users can manage their fund transactions and flow more freely and easily. With this development, payment and electronic money institutions will now be able to develop much faster and innovative products. We would like to thank our Central Bank for taking this important step.”
Source: AA / Translated by Irem Yildiz