Turkey: Purpose of payment for Turkish Lira (TRY) payment orders
Following Announcement A20117, Clearstream Banking1 would like to remind its customers of the importance of reporting the reason for payment in all their Turkish Lira (TRY) payment orders. Effective
immediately
Clearstream Banking recommends inputting the reason of payment for any instructions sent via SWIFT MT202 and MT103 and completing field “:72:”:
- :72:/BNF/ purpose of payment.
Customers must use this field correctly with a clear definition of payment purpose to avoid latency on payments to be executed in TRY and further investigation with Clearstream Banking’s local cash correspondent bank (CCB) Türk Ekonomi Bankası A.Ş (TEB).
The clarity of purpose of payments in SWIFT MT202 and MT103 orders are diligently filtered by Clearstream Banking’s CCB TEB in Turkey.
Impact on customers
When paying an amount in TRY, customers should ensure to clearly indicate the purpose of payments in SWIFT MT202 and MT103 orders which are carefully screened by Clearstream Banking’s CCB TEB. No compliance to this requirement may result in rejection.
In addition, Clearstream Banking asks its customers to split large amounts into the ticket size at TRY 50 million and pre-fund their Turkish Lira (TRY) cash account to facilitate securities settlement for all domestic transactions, internal and Bridge transactions.
Further information
For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.