RESOLUTION OF NATIONAL BANK OF THE REPUBLIC OF MOLDOVA

of July 24, 2014 No. 138

About approval of the Concept of optimization of national transfers

Based on Art. 5 of the item f) the Law No. 548-XIII of July 21, 1995 on National Bank of Moldova (The official monitor of the Republic of Moldova, 1995, Art. No. 56-57, 624), with subsequent changes and amendments, the Art. 49, part (3) and the Art. 94, part (1) the item (c) the Law No. 114 of May 18, 2012 on payment services and electronic money (The official monitor of the Republic of Moldova, 2012, Art. No. 193-197, 661) DECIDES: Administrative council of National Bank of Moldova

1. Approve the Concept of optimization of national transfers it (is applied).

2. Publish this resolution in the Official monitor of the Republic of Moldova.

Appendix

to the Resolution of Administrative board of National Bank of the Republic of Moldova of July 24, 2014 No. 138

Concept of optimization of national transfers

Chapter I. Premises and need of implementation of the IBAN code for national transfers

The international experience in use of IBAN for implementation of local payments

For the purpose of minimization of manual intervention in processing of transfers the European committee of bank standards (English ECBS - European Committee for Banking Standards) developed standards of the automated processing of interbank payments known as Straight Through Processing (further - STP).

STP represents set of tools which carry out the automated processing of interbank financial transactions from issue and before calculation, thereby completely eliminating need of manual handling of data, and also minimizing costs and the corresponding risks.

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