5 August 2021 (today) was a very important day for the Turkish payment systems.
The amendment made by the Central Bank of the Republic of Turkey (CBRT) to the Communiqué on the International Bank Account Number (IBAN) now allows payment institutions and e-money institutions to create IBANs as well.
With this development, an important step has been taken toward the full integration of payment services and e-money transactions with the national and international financial system.
The amendments made by the Central Bank of the Republic of Turkey (CBRT) to the Communiqué on the International Bank Account Number (IBAN) entered into force upon publication in the Official Gazette dated 5 August 2021.
Under the amendments, the “banks” named as the addressees of the Communiqué in its purpose clause were replaced with “payment service providers”, giving it a broader scope.
Accordingly, the purpose of the Communiqué is now defined as “determining the principles and procedures for the application of the international bank account number by payment service providers”.
In line with the change to the purpose clause, a definition of payment service provider was also added to the Communiqué, and the payment service provider code to be determined by the CBRT will also be used as a basis when building the IBAN structure. In this context, payment service providers other than banks will also be able to create IBANs for customer accounts that are the subject of money transfers.
Creating IBANs for customer accounts that are the subject of money transfers will not be mandatory for payment service providers other than banks, unless the system rules of the payment system in which they participate under Law No. 6493 provide otherwise.
The relevant Communiqué can be accessed at the link below:
https://www.resmigazete.gov.tr/eskiler/2021/08/20210805-17.htm
