System validates IBAN numbers for errors in international and domestic payments. Identifies Bank Identifier Code (BIC) for each bank and branch. Supports all 116 countries through IBAN checksum validation
Banks are licensed financial institutions accepting deposits and making loans. Banks have existed since 14th century, providing safe cash storage and loans. Banks earn profit by charging more on loans than they pay on savings
Correspondent bank acts as intermediary between domestic and foreign banks. Domestic banks use correspondent banks to access foreign financial markets. Banks hold accounts called nostro (our account) and vostro (your account)
SWIFT or Western Union transfers can be made at any Ziraat branch. IBAN required for transfers to non-branch locations. Transfer details must include sender/recipient information and reason. IBAN format: 26 characters including TR, used since 2005
Pound sterling emerged in England around 800 as a unit of account. King Offa of Mercia introduced first sterling coin in 757. Initially divided into 240 silver pence, later standardized to 240 silver coins
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