Customers notified of impending IBAN adjustment - here's the action plan
Enpara Customers Prepare for IBAN Change Following Separation from QNB Finansbank
Enpara, a leading fintech platform in Turkey, has announced that its customers will experience a change in their International Bank Account Numbers (IBANs) following its separation from QNB Finansbank [1]. This change is a result of the operational separation of Enpara from QNB Finansbank, signifying a structural update in banking infrastructure.
Customers can expect proactive communication from Enpara regarding their new IBAN numbers. Once notified, they should update any automatic payment or direct debit arrangements with the new IBAN to ensure a smooth transition.
It is important to note that the change will not affect existing account numbers. However, FAST transactions and same-bank transfers (havale) will be automatically rejected if an incorrect IBAN is entered. The new bank code will render previous QNB Finansbank IBANs obsolete.
Enpara has urged customers to promptly share their updated IBAN details with individuals and institutions that send them regular payments. To facilitate the transition, Enpara is offering a temporary automatic redirection service for incoming transfers. Customers who submit a specific instruction ahead of the transition will have electronic fund transfers (EFT) and international wire payments (SWIFT) to their old IBANs automatically forwarded to their new Enpara Bank accounts for 90 days, free of charge.
Customers will be able to submit the necessary instruction via Enpara's mobile banking app approximately one month prior to the transition date. It is crucial to avoid continued use of outdated IBANs, as failed transfers may result.
Enpara.com, a digital-only banking service, was founded in 2012 and has grown significantly since then, particularly among young people and foreign residents in Turkey. The platform is currently operated under QNB Finansbank, a major Turkish bank owned by Qatar National Bank (QNB Group).
In summary, Enpara's IBAN update process is designed to ensure a smooth transition for its customers. By following the provided instructions and updating their banking details promptly, customers can adapt seamlessly to the change triggered by Enpara’s independence from QNB Finansbank.
[1] Source: Enpara Official Announcement
Note: This article is intended to provide factual information and should not be interpreted as financial advice. Always consult with a financial advisor before making any decisions regarding your financial accounts.
- Enpara, based in Turkey, a key player in the Middle East's fintech sector, is situated in Ankara.
- The upcoming IBAN change for Enpara customers is related to the structural update in their business infrastructure, following their separation from QNB Finansbank.
- Once the new IBANs are communicated, customers are advised to update their automatic payment or direct debit arrangements with the new details to maintain a seamless business operation.
- With the change, customers in Turkey and potentially abroad may need to update technology details, such as the bank code in their digital payment systems, as the old QNB Finansbank IBANs will no longer be valid.
