Eurasian Bank switches to the ISO 20022 international payment standard in national currency
Starting from 11 November 2024, Eurasian Bank switches to the ISO 20022 international payment standard in national currency.
The ISO 20022 standard is being actively implemented by financial institutions around the world, providing a unified format and structure for the transmission of financial data. The transition to this standard will increase the accuracy, speed and security of payments, as well as simplify transactions with international counterparties.
The procedure for the execution of payment documents in tenge during the transition to the new standard:
Starting from 5 November 2024, the Bank does not accept for execution payment documents with a value date later than 8 November 2024 in the MT format.
Starting from 8 November 2024, after the end of the business day in the payment system, the Bank stops accepting payments in the MT format.
After 8 November 2024, the Bank does not accept for execution payment documents that are not in the form that meets the requirements of Regulation No. 208, on paper.
We recommend sending all priority/urgent payments by 8 November 2024.
ISO 20022 STANDARD QUESTIONS AND ANSWERS:
ISO 20022 is an international standard for electronic messaging between banks and financial industry organizations. It defines the rules and message formats that are used when conducting financial transactions.
Starting 11 November2024, new fields are added to Smart Business when creating payments to specify information about the actual payer and the actual recipient. This update covers both manual creation and import of payments in MT format. A field is also be added to indicate the country of residence for non-residents.
The actual sender/payer is the person for the purpose of fulfilling the obligation of which a payment or money transfer is performed.
The actual (final) recipient/beneficiary is the person who is the final recipient of the money or the party in whose favor the obligation is fulfilled.
If the recipient/beneficiary is a non—resident of the Republic of Kazakhstan, the country of residence is indicated – the two-letter code of the corresponding country. You must select the appropriate recipient’s country code in the Country field in the payment form.
Setting up new fields for uploading MT files is performed in the customer’s accounting system independently with the help of IT specialists;
It is not required to specify information about the actual payer and/or recipient, if they match the sender and/or recipient;
The payment initiator is responsible for the correctness of the details; More detailed information on the ISO 20022 standard can be found on the National Payment Corporation website.
The changes will affect external payments in tenge from Eurasian Bank to other second-tier banks, as well as in the organizations of the State Revenue Committee, the Government for Citizens State Corporation Non-Profit Joint-Stock Company and the Treasury Committee of the Ministry of Finance of the Republic of Kazakhstan. The changes will not affect payments in foreign currency.
Thank you for your cooperation and understanding!