The Central Bank of Costa Rica (BCCR) reported that it successfully completed the modifications to the computer platforms of the National Electronic Payment System (SINPE) and related financial institutions to migrate from the current format of bank accounts to the IBAN system (International Bank Account Number), which was scheduled, along with the National Financial Sector, for January 22nd 2016.
This process was attended by approximately 90 entities, including banks, financial institutions, mutual funds, savings and loan cooperatives, stock exchanges, pension operators, exchange houses and some public institutions such as the Ministry of Finance, the Costa Rican Electricity (ICE), the National Institute of Insurance (INS) and the Costa Rican Social Security Fund (CCSS).
The work started at 00:00 am on January 22nd and smoothly progressed during the morning hours.
The Central Bank of Costa Rica and the financial entities will assist any unexpected situations in order to guarantee the service to its clients.