RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of August 16, 2017 No. 2017-P-14/34-2

About approval of Provisional regulations "About criteria for the choice of the calculating agent for the project of integration of the National settlement system the Elkart payment cards with national / international payment systems of other countries"

According to Articles 16, of 17, 20 and 68 Laws "About National Bank of the Kyrgyz Republic, Banks and Banking Activity", the Law "About Payment System of the Kyrgyz Republic", the Main directions of development of payment system of the Kyrgyz Republic for 2015-2017, the Board of National Bank of the Kyrgyz Republic decides:

1. Approve Provisional regulations "About criteria for the choice of the calculating agent for the project of integration of the National settlement system by the Elkart payment cards with national / international payment systems of other countries" it (is applied).

2. This resolution becomes effective after fifteen days from the date of its official publication.

3. To legal management:

- publish this resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State register of regulatory legal acts of the Kyrgyz Republic.

4. Interbank Processing Center Ltd make corresponding changes to rules of functioning of the National settlement system the Elkart payment cards.

5. To management of payment systems to bring this resolution, to data of structural divisions, regional managements and representative office of National Bank in Batken Province, commercial banks of the Kyrgyz Republic and Interbank Processing Center Ltd.

6. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic L.Dzh. To Orozbayev.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of August 16, 2017 No. 2017-P-14/34-2

Provisional regulations for criteria for the choice of the calculating agent for the project of integration of the National settlement system the Elkart payment cards with national / international payment systems of other countries

Chapter 1. General provisions

1. These Provisional Regulations determine criteria for the choice of the calculating agent for the project of integration of national settlement system the Elkart payment cards (further - the Elkart system) with national / international payment systems of other countries (further - the project of integration).

2. Project objective of integration is the exit to the international market of payment services and expansion of network of servicing of the Elkart system, and also acceptance of cards national / international payment systems of other countries in infrastructure of the Elkart system and ensuring settlement on them.

3. The calculating agent within the agreement on the project of integration provides timely settlement in any currencies with the calculating agent of the operator national / international payment systems of other countries.

4. Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 07.12.2022 No. 2022-P-14/76-5-(PS)

Chapter 2. Criteria for the choice of the calculating agent

1. The commercial bank having the license of National Bank for the right of carrying out banking activities on implementation of calculations and payments at the request of clients and corresponding banks and to their cash servicing, and also release, purchase, payment, acceptance, storage and confirmation of payment documents (checks, letters of credit, bills of exchange and other documents), including credit and payment cards, and corresponding to the following criteria can be the calculating agent:

1) at least 5 years perform banking activity in the market of the Kyrgyz Republic;

2) Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 07.12.2022 No. 2022-P-14/76-5-(PS)

3) Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 07.12.2022 No. 2022-P-14/76-5-(PS)

4) Ceased to be valid according to the Resolution of Board of National Bank of the Kyrgyz Republic of 07.12.2022 No. 2022-P-14/76-5-(PS)

5) is working interest owner of the Elkart system;

6) is participant of the Automated trade system of National Bank;

7) has the existing correspondence relations with the calculating agent of the operator of foreign payment system (benefit);

8) is participant of the Grossovy settlement system in real time.

Chapter 3. Functions of the calculating agent

1. The calculating agent performs the following functions:

Establishes 1) and independently keeps correspondence relations with the calculating agent national / international payment system of other country integrated with the Elkart system;

2) signs the relevant agreement with the operator of the national Elkart system;

3) at the request of the operator of the national Elkart system is provided by timely money transfer in any currency to the calculating agent national / international payment system of other country on transactions of the Elkart cards in infrastructure national / international payment systems of other countries, and receives on the transferred funds compensation in equivalent in national currency through Grossovuyu settlement system in real time (further - GSRRV);

Receives 4) from the calculating agent national / international payment system of other country money on transactions of cards of this system in infrastructure of the Elkart system and provides timely transfer of the corresponding amounts on correspondent accounts of participants of the Elkart system in National Bank through GSRRV.

Chapter 4. Obligation of the calculating agent

1. The calculating agent within the project of integration shall:

1) to correspond to the criteria established in Chapter 2 of these Provisional Regulations for the choice of the calculating agent, and also to provide observance of all undertaken obligations;

2) not to allow shortage of liquidity on correspondent account in National Bank, and also delay and queue of payments according to requirements of GSRRV;

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