Regulatory Alerts2023-11-29
Regulation on the Structure and Use of the Unique Payment Account Identifier for National and Cross-Border Transactions
The Central Bank of the Republic of Kosovo mandates the International Bank Account Number (IBAN) as the compulsory unique identifier for all national and cross-border credit transfers and direct debits. The regulation defines a standardized 20-character IBAN format incorporating country codes, check digits, and Payment Service Provider Identification Codes (PIC), while requiring payment service providers to validate IBAN-BIC compatibility prior to transaction execution. Payment service providers must create, communicate, and maintain accurate IBANs at account opening, with non-compliant transactions subject to refusal or additional fees until the June 2024 compliance deadline.
Share