Information for legal entities about the ISO 20022 standard

From November 11, 2024, Kazakhstan will use the international standard ISO 20022 for the exchange of messages between financial institutions.

ISO 20022 is an international standard for data exchange between banks and 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.

What changes are expected in the ISO 20022 standard:

From November 11, 2024, we will update the system «Internet banking for legal entities «HCSB – Online»» (hereinafter - Internet banking), adding new fields for specifying information about the actual payer and the actual recipient. This update will concern both manual filling and downloading payments from text files in MT format.

When you create payments and transfers via Internet banking, you can fill in additional fields about the actual payer and the actual recipient.

These fields are not always mandatory (except for the residency information , which is only indicated for recipients who are not residents of Kazakhstan), and can be filled in at will if your case fits certain examples below.

Actual payer – specify the person or organization on whose behalf the payment is made. For example, when paying taxes for a branch, the branch details are specified in this field.

The actual recipient is the person who receives the money or in whose favor the payment is made. For example, when transferring pension contributions, the beneficiary will be NAO GC "Government for Citizens", and the actual recipients will be the employees of the legal entity to whose accounts the contributions are transferred.

Country of residence code - if the recipient or payer is a non-resident of the Republic of Kazakhstan, it is necessary to indicate the two-letter code of the country of residence in accordance with the State Classifier of the Republic of Kazakhstan GC RK 06 ISO 3166-2001 «Codes for designating names of countries and their administrative-territorial units».

This requirement also applies to salary transfers to other banks. Each employee of a legal entity will be given a field to indicate the country of residence code if he/she is not a resident of Kazakhstan.

Important!

• To make changes to your accounting system (for example, 1C, SAP, MS Dynamics , etc.), as well as to set up new fields for loading MT/MX files, you must contact the IT specialists who support this system to make the necessary settings.
• Do not include information about the actual payer and recipient if they are the same as the sender and recipient .
• The initiator of the payment is responsible for the correctness of the details.
• More detailed information can be found on the website of the National Payment Corporation according to the ISO 20022 standard.