In line with the decision of the Croatian National Bank on the way of opening transactional accounts, the IBAN structure of transactional cash accounts becomes mandatory for the execution of all payment transactions in the Croatian national payment system as of 1 June 2014.
Following the one-year grace period, from 1 June 2013 to 1 June 2014, during which the execution of payment instructions containing the BBAN structure of transactional cash accounts has been allowed, that will cease to be allowed.
Consequently, the last day on which Zagrebacka banka will accept payment instructions containing the BBAN structure of transactional cash accounts will be 31 May 2014. The timely execution of payment instructions received after that date and still containing the BBAN structure cannot be guaranteed and will be performed on best effort basis only.
We would therefore like to kindly request our clients to make sure that their systems are adjusted accordingly to send payment instructions for execution through the Croatian national payment system using the IBAN account structure only as of 1 June 2014 at the latest.
Impact on investors: The timely execution of payments in Croatia as of 1 June 2014 can be guaranteed only if these are sent with account numbers meeting the IBAN standards.
Related Newsflashes: Introduction of IBAN in the Croatian Payment System