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.