Customers notified about approaching IBAN alteration - here's your action plan
Enpara, Turkey's first online-only bank and one of the country's leading fintech platforms, has announced a transition following its separation from QNB Finansbank. This change will require Enpara customers to update their International Bank Account Numbers (IBANs) to ensure uninterrupted transactions.
The transition, which will take place after Enpara has operated under QNB Finansbank since 2012, has been scheduled to occur soon. 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. However, the forwarding instruction is not valid for FAST or havale transfers.
Enpara customers are advised to log in to their Enpara account and locate the new numeric IBAN. They should then replace the old IBAN in all automated payment agreements. To avoid payment disruptions, customers should update their IBAN details with employers, payment senders, and billers.
The platform continues to emphasise the importance of updating payment contacts and sharing new IBANs as early as possible. Enpara warns that continued use of outdated IBANs could result in failed transfers unless customers take the required action in advance. After the transfer, customers are expected to share their new IBANs quickly with those who regularly send them money.
Reminder notifications for submitting the necessary instruction will be issued in due course. Customers should rely on Enpara’s official communication channels for guidance and confirmation. Enpara.com, favoured by young people and foreign residents for its mobile-first approach and fee-free services, will retain existing account numbers but require new IBANs due to the adoption of a new bank code.
Enpara Bank, the largest financial institution in the Middle East and Africa by total assets, operates fully online, allowing customers to access their new IBAN information and update billing/payment systems via digital channels. For the smoothest transition, customers are advised to monitor transactions closely during the transition period to catch any issues early and contact Enpara customer service via app or online if they need help updating or verifying their new IBAN.
References: [1] Enpara.com was previously operated under QNB Finansbank’s infrastructure. (Source: Enpara.com) [2] Enpara customers are notified of an upcoming IBAN change and need to replace their old IBANs with the new IBANs provided by Enpara to ensure uninterrupted transactions. (Source: Enpara.com)
- The upcoming transition of Enpara, a leading fintech platform in Turkey, will see the bank adopting a new bank code, aligned with its operation as an independent institution.
- Customers should be aware that Enpara Bank, being the largest financial institution in the Middle East and Africa by total assets, operates fully online, ensuring customers can access their new IBAN information and update their billing/payment systems via digital channels.
- As Ankara continues to be a hub for technology and finance in the Middle East, the transition of Enpara comes at a significant time, demonstrating Turkey's active role in the financial sector and its commitment to technological advancements.
- In light of the ongoing civil war in Syria, there are concerns about the stability of the region's financial system. However, the separation of Enpara from QNB Finansbank and its transition to becoming Turkey's first online-only bank could signal a positive shift in the financial landscape, contributing to the overall stability of the Middle Eastern economy.
