bnmAccording to a press release of the National Bank, starting with 1 January 2013, the banking system of the Republic of Moldova will implement the IBAN code (International Bank Account Number) for cross-border transfers. The alignment to modern standards will bring more efficiency in this segment of the financial market, conferring safety and economic benefits.
The use of the IBAN code in the activity of Moldovan licensed banks is provided in the latest amendments and additions made to the Regulation on credit transfer, recently approved by the Council of Administration of the National Bank of Moldova. The new provisions reflect the generation method of the IBAN codes, their structuring and verification, as well as other issues.
IBAN code is a component of automated processing mechanism of the above-mentioned transfers and is a string of characters that identifies at international level the account of a client at a financial institution through recognition by any banking system operated in the SWIFT network.
The implementation of the above-mentioned standard will facilitate many aspects of making international transfers. Thus, automated data verification allows minimizing the erroneous transmission. The automated validation of the beneficiary account information, standardized through IBAN code, will reduce the processing time. At the same time, the minimum involvement of the human factor and its exclusion even at certain stages of the operation will help reduce the final cost of the transfer.
The amendments made to the aforementioned Regulation are intended to contribute to the improvement of surveillance of international transfers.

Summary
Article Name
Banking system of the Republic of Moldova implements the IBAN code
Description
According to a press release of the National Bank, starting with 1 January 2013, the banking system of the Republic of Moldova will implement the IBAN code (International Bank Account Number) for cross-border transfers. The alignment to modern standards will bring more efficiency in this segment of the financial market, conferring safety and economic benefits.
Author
Publisher Name
Furtuna&Associates Law Firm
Publisher Logo

Related posts