Business customers and financial institutions must prepare for the change to the National Payments System announced by the Central Bank of Costa Rica. From December 31, 2016 client account numbers will change from being a tool for inter-bank transactions to being an international code for the automatic processing of payments and receipts between countries.

Nacion.com reports that "... these are known as International Bank Account Numbers (IBAN). The 17-digit customer account number will remain, but it will be preceded by four numbers corresponding to the country code (CR) and a verifier code (two digits). This verifier code will ensure all account numbers are correct, using an algorithm."

"... Financial institutions have until December 31 2018 before full implementation, which will also cover intrabank movements (within the same entity). The process is automatic, so legal entities and individuals will not have to change their records and by simply providing their account number they will be able to receive international deposits. "

Source: Nacion.com

More on this topic

Nicaraguan Exporters Reluctant Over Sucre

October 2012

The industry is concerned about the currency that is defined by reference to trade with Venezuela through the Unitary System for Compensation of Regional Payments (known as SUCRE).

The Superior Council of Private Enterprise (COSEP), warned that if Albalinisa, which concentrates all exports to Venezuela, decides to use the cordoba in parity with the the sucre, there would be an economic loss because of the need to change from dollars to cordobas.

Nicaragua: Pressure to Ratify Sucre as Currency

October 2012

Pending in the Nicaraguan National Assembly is adherence to the Unitary System for Regional Compensation Payments, using the Sucre as currency in trade between the member countries of the Bolivarian Alliance.

Alberto Guevara, president of the Central Bank of Nicaragua (BCN in Spanish), urged members of the Committee on Production, Economics and Budget of the National Assembly, to ratify the agreement by which the country adheres to the Unitary System of Regional payments (known as Sucre).

Nicaragua to Adopt SUCRE

March 2010

The Central Bank of Nicaragua has earmarked $24 million for an account in SUCRE to be used by importers and exporters.

Nicaragua becomes the fourth country to implement ALBA’s virtual currency system.

“SUCRE, (Regional Unique Compensation System), was created in 2009 by ALBA, the Bolivarian Alternative to the Americas.

Alba To Implement Sucre for Payments

January 2010

A rice shipment from Venezuela to Cuba will become the first trade transaction done using Sucres ("Unitary System for the Regional Compensation of Payments").

The announcement was made by Venezuelan president Hugo Chávez.

"Sucre is a common accounting unit, not a physical currency. It was adopted by Alba member countries in 2009 for exchanging products, freeing them from using the U.S. dollar", reported Epa.