As of November 25, 2024, the international standard ISO 20022 will be used in Kazakhstan.
ISO 20022 is an international standard for electronic message exchange between financial institutions. It defines rules and formats of messages used in financial transactions.
This standard will be regulated by the National Bank of the Republic of Kazakhstan and used by commercial banks. One of the major updates will be the addition of fields specifying the actual payer/receiver, and the country of residence of the remitter/beneficiary.
- Actual payer is the person or entity on whose behalf the payment is made.
- Actual receiver is the person who receives the funds or for whom the payment is made.
It is not required to specify the actual payer or actual (final) receiver if they are the same as the remitter or beneficiary, respectively.
- Country of residence code - applies if the remitter or beneficiary are non-residents of the Republic of Kazakhstan.
Important Information
These changes will apply to all external payments in KZT.
When specifying the country of residence, use the international two-letter code as per the National classifier of the Republic of Kazakhstan RK ISO 3166-1-2016 "Codes for the representation of names of countries and their subdivisions. Part 1: Country code."
When a legal entity pays budget payments for its separate subdivisions, the "Remitter" field in the payment notice should include the name, BIN, address, and phone number of the legal entity, for whose obligations the payment is made, and its BIN.
The beneficiary bank credits the funds to the beneficiaries based on the details provided by the remitter in the consolidated payment order.
If the actual payer and receiver are the same as the remitter and beneficiary, there is no need to specify them.
The responsibility for correctly specifying the details of the actual payer and/or actual (final) beneficiary lies with the initiator.
These changes will help improve the accuracy and transparency of payments, especially when involving multiple parties. It is recommended to prepare your systems in advance for the new requirements.
More detailed information can be found on the website of the National Payment Corporation regarding the ISO 20022 standard.