Nostro and vostro are Italian terms meaning 'ours' and 'yours' in accounting. Used by banks when one bank keeps money at another bank. Banks need to distinguish between their own and foreign bank's accounts
Prepaid cards require transferring money from checking account before use. No SCHUFA credit check or salary statement required. Ideal for expats without credit score
New standards MT November 2020 category 7 documentary credits introduced. Format specifications and network validation rules updated. Field specifications for each message type detailed
Codes 01-13 cover FX transactions between residents and non-residents. Codes 10-13 cover currency transactions and trade settlements. Codes 20-23 cover intellectual property and service transactions
Both serve as third-party banks for international fund transfers. Account holders have accounts at issuing banks. Banks use correspondent or intermediary banks to complete transfers
Most preferred accounting program in Turkey for SMEs. Supports up to 16 users and 25 companies. Compatible with Windows 10 operating system. Supports MS SQL Server database