North Macedonia to implement new banking payment rules in November

The Macedonian Banking Association has announced that new regulatory changes regarding payment services and systems will take effect in November. These updates, driven by the Law on Payment Services and Systems and regulations from the National Bank of the Republic of North Macedonia, aim to modernize the national payment system and improve data processing efficiency.

Key changes include the introduction of the IBAN format for payment accounts, which involves adding the prefix ‘MK07’ to existing account numbers. While the account numbers themselves remain unchanged, the format for transactions will shift. Additionally, new standardized payment orders will replace the current PP10, PP30, PP40, PP50, and PP53 forms in both paper and electronic formats.

Payment purpose codes will also transition from numeric digits to new four-digit codes to allow for more precise identification of transaction purposes. Banks will handle the necessary adjustments for electronic and mobile banking. Companies utilizing automated exchange solutions or integrated accounting systems will be notified by their banks regarding any required technical adjustments to ensure a continuous transition.