Dear Clients,
In line with the regulation of the National Bank of Hungary (NBH), KELER will implement changes in the management of foreign currency accounts.
So far, we have associated the same IBAN number in all currencies to the foreign currency accounts of the same type and segregation belonging to the same customer. In the future, separate IBAN numbers will be allocated to these accounts per currency. Those foreign currency accounts that have the same IBAN number as the Client’s HUF account, will be closed.
Clients will be informed about this change via post, listing the Client’s new IBAN numbers to be opened per currency.
The affected contract will not be modified, only the attachment of this contract will be changed and sent to our Clients via post.
According to our schedule, this change will be effective in the third quarter of 2018, the exact timing will be determined later.
We kindly ask our Clients to assess the effects of these changes in their own systems during this upcoming period until the activation of the new accounts and identify any potential setup or development tasks, prepare their systems to be able to use the new IBAN numbers and to avoid any issues in relation to the closure of the old accounts.
As per our plans, all the predefined foreign currency cash accounts in WARP system (settlement party cash account and default distributor cash account numbers) will be also automatically replaced so that our clients won’t have any tasks to do.
Additionally, the new foreign currency accounts will automatically replace the previously submitted account numbers on the form of the "Declaration on the bank accounts linked to domestic corporate events". Non-KELER foreign currency accounts are not impacted. Due to the new structure, the relevant form will change.
After the activation of the new foreign currency accounts, KELER can not provide information to the issuer or its paying agent, if there is no foreign currency account in KELER’s system in the currency of payment, or if the currency of non-KELER foreign currency account is not specified or is different from the currency of the payment, conversion may occur.
When an amount is received in a currency in which the given IBAN number does not exist (any more), KELER will credit the amount to the new account that corresponds to the previously held account in that currency for one month after the activation of the new accounts. After the one-month grace period any received amount where the beneficiary is a non-existing IBAN number will be sent back to the sender.
Thank you for your understanding and cooperation!
Sincerely,
KELER Ltd.