The national cash transfers will be made using obligatorily the IBAN code starting with January 1, 2016. In this connection, the Ministry of Finance launched the IBAN code calculator, which allows the taxpayers to access online information about the IBAN codes, IPN reports, quoting press release of the Ministry.

The payers will find out the IBAN codes for cash transfers on the website of the Ministry of Finance www.mf.gov.md, by selecting the year, economic classification code, the district where the taxpayer is and the statistic code of the taxpayer’s place of residence, according to the classification of territorial-administrative units.

Also, there will be introduced a new type of payment order for budgetary payments.

The International Bank Account Number (IBAN) is an internationally agreed system of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions with a reduced risk of transcription errors. The IBAN consists of up to 34 alphanumeric characters, comprising a country code, two check digits and a long and detailed bank account-number. The system’s current standard ISO 13616:2007 indicates SWIFT as the formal registrar.