The “Communiqué on the International Bank Account Number” (“Communiqué”) has been published by the Central Bank of the Republic of Turkey in the Official Gazette dated 05.08.2021 and numbered 31559. Within the scope of the Communiqué, the amendments have been made to the Communiqué on International Bank Account Number (Number: 2008/6) published in the Official Gazette dated 10/10/2008 and numbered 27020. The purpose of this Communiqué is to determine the principles and procedures regarding the application of the international bank account number by the payment service providers:
1- The Definition of Payment Service Provider
The definition of payment service provider has been added to the first paragraph of Article 3 of the Communiqué:
“(e) Payment service provider: Institutions listed in the first paragraph of Article 13 of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions dated 20/6/2013 and numbered 6493,”
In addition, the phrase “Bank Code” in Annex 1 of the Communiqué has been amended to “Payment Service Provider Code” and the phrase “bank codes” has been amended to “codes”.
2- The Structure and Creation of IBAN
By amending the fourth article of article 4 of the Communiqué, it is stipulated that the payment service provider codes to be used while creating the IBAN would be determined by the Central Bank of the Republic of Turkey.
Payment service providers other than banks can also create IBANs for customer accounts subject to money transfer; It is not 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 they participate as a participant within the scope of Law No. 6493.
3- Displaying the IBAN
It is obligatory that, payment service providers that create an IBAN are required to show the IBAN in the documents that they would create for their customers regarding the accounts subject to money transfer in written and electronic form, and on the documents containing the account number.
4- Use and Verification of IBAN
It is obligatory to verify and use the recipient’s IBAN for money transfers to accounts in countries in the European Economic Area. However, this obligation is not sought in transactions between payment service providers and financial institutions that make cross-border payments abroad, and transactions where the customer’s declaration is received that the IBAN of the recipient would not be reported despite the request.
In summary, it is aimed to determine the issues related to the implementation of the international bank account number by the payment service providers.
You may reach the full Turkish version of the Communiqué via the link below:
https://www.resmigazete.gov.tr/eskiler/2021/08/20210805-17.htm
