TURKEY TR 1. Clearing System Turkish Interbank Clearing and Electronic Funds Transfer System (TICRTGS) is a real-time gross settlement system that transfers and settles payments in Turkish Liras. Turkish Interbank Clearing – Electronic Security Transfer and Settlement System (TIC-ESTS) works in an integrated manner with the TIC-RTGS to electronically transfer and settle Turkish government securities with “delivery versus payment” (DVP) principle. The Central Bank of the Republic of Turkey (CBT) is both the regulator and the operator of TIC-RTGS / ESTS. Operational hours The TIC-RTGS and TIC-ESTS operate between 8.00 and 17.30 (local time) every weekday (from Monday to Friday), except for the official holidays. The systems close at 13:00 (local time) on half business days. Time Zone Local time in Turkey is GMT+3 between the end of March and the end of October, GMT+2 for the rest of the year. See the “Delta Time Zones” section of the BIC Directory for exact dates. Value Date It is common practice in Turkey that payments in TRL are made to the beneficiary or the bank of beneficiary within the value date, which is indicated in the payment instruction, bearing in mind cut-off times. Cut-off Times Instructions received to make payments in TRL will be executed in accordance with the banking practice of the receiving bank as soon as possible after the receipt of the payment instructions. Many Turkish banks enter into bilateral agreements with their correspondents. Cancellation Request for cancellation of instructions will normally be accepted before the value date of payments. It is better to contact your correspondents for cancellation procedures. TURKEY TR 2. Beneficiary Account number structure The structure of the account number and applicable validation algorithms is specific to each bank in Turkey. But, as of November 2003, meetings between banks are continuing in order to put the IBAN (International Bank Account Number) standards in Turkish account number structure, under the organization of the Banks Association of Turkey. 3. Other Currencies All customer transfers and bank transfers in other currencies will be executed in accordance with the banking practice of the receiving bank as soon as possible after the receipt of the payment instructions. 4. Standards ISO standards used in the S.W.I.F.T. message formats.