The IBAN (International Bank Account Number) code will be used in the banking sector of Moldova to perform national cash transfers starting with January 1, 2016. The move is aimed at providing modern advantages and is envisioned by the amendments made to the regulations on cash transfer approved by the National Bank of Moldova, IPN reports.

This is the second stage of the implementation of this code. The first referred to transfrontier transfers. During the period of transition, the banks and other institutions will accept payment documents containing the IBAN codes, but also documents referring to accounts in the previous formula.

The period of transition does not apply to budgetary transfers. The new provisions about the method of using the payment documents with IBAN codes are aimed at minimizing mistakes, the data processing time and the costs of transfer services.

The IBAN code applying to international cash transfers was implemented in Moldova in 2013.