Starting from November 11, 2024, the international ISO 20022 standard will be used in Kazakhstan.
ISO 20022 – is an international standard for the exchange of electronic messages between financial institutions. It defines the 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 main updates will be the addition of fields for specifying the actual payer/recipient, the country of residence of the money sender/beneficiary.
- Actual payer – is the person or organization on whose behalf the payment is made.
- Actual recipient – is the person receiving the funds or on whose behalf the payment is made.
The actual payer and actual (final) recipient do not need to be indicated if they coincide with the money sender and beneficiary respectively.
- Country of residence code – if the money sender or beneficiary are non-residents of the Republic of Kazakhstan.
Important Information
The changes will affect all external payments in tenge.
When indicating the country of residence, the international two-letter country code must be used in accordance with the national classifier of the Republic of Kazakhstan ISO 3166-1-2016 «Codes for the representation of names of countries and their subdivisions. Part 1: Country code».
When a legal entity pays budgetary payments for its separate subdivisions, in the «Sender of money» field of the payment notification, the name, BIN, address, and phone number of the legal entity are indicated, for the obligations of which the payment is made, and its BIN.
The beneficiary bank credits the money in favor of the beneficiaries based on the details indicated by the sender of the money in the consolidated payment order.
If the actual payer and recipient coincide with the sender and beneficiary (recipient), they do not need to be indicated.
The responsibility for correctly indicating 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 multiple parties are involved. It is recommended to prepare your systems in advance for the new requirements.
More detailed information can be found on the National Payment Corporation's website on the standard ISO 20022..