RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of January 17, 2006 No. 1/3

About approval of the Regulations on procedure of electronic payments through interbank payment system of the Central bank

According to the laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan" and "About payments and payment systems" the Board of the Central bank of the Republic of Uzbekistan DECIDES:

1. Approve Regulations on procedure of electronic payments through interbank payment system of the Central bank according to appendix.

2. This resolution becomes effective after ten days from the date of its state registration in the Ministry of Justice of the Republic of Uzbekistan.

3. From the date of entry into force of this resolution to declare invalid Regulations on conducting calculations between banks of the Republic of Uzbekistan for electronic payment system (reg. No. 1010-1 of June 22, 2004).

Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of January 17, 2006 No. 1/3

Regulations on procedure of electronic payments through interbank payment system of the Central bank

This Provision determines payment procedure through interbank payment system of the Central bank based on electronic payment documents.

I. General provisions

1. In this Provision the following basic concepts are used:

1) the Center of calculations of the Central bank (further - TsR Central Bank) is the Information system of the Central bank of the Republic of Uzbekistan entering into interbank payment service provider as which opening and servicing of correspondent accounts of members of interbank payment service provider - head offices of commercial banks, JSC Central Securities Depository, JSC National Clearing Centre (further - participants), and also the Central bank, and also timely ensuring uninterrupted carrying out electronic calculations between them enters;

2) the Payment center of the Central bank - the information system of the Central bank providing passing of interbank and interfilial calculations according to the procedure of single balance;

3) the Main center of informatization of the Central bank (further - GTsI) - the center providing technical, program and operational support of interbank payment service provider based on the agreement signed with the Central bank;

4) the correspondent account (further - corresponding account) is account which opens to participants and the Central bank in TsR Central Bank and is intended for carrying out electronic payments between them;

5) the electronic payment document (further - EPD) - the electronic document having the structure and format of its details established by rules of payment system, and also containing necessary information for implementation of electronic payment. EPD is created based on the paper document relating to payment or with use of means of electronic payment and is confirmed by the digital signature. During the work with EPD the possibility of its reproduction on paper with preserving the details necessary for implementation of electronic payment shall be provided;

6) the initiator is the participant or the Central bank which began electronic payment transaction by forming and sending EPD to the beneficiary;

7) the beneficiary is participant or the Central bank to which EPD directed by the initiator through interbank payment system is addressed;

8) initiation of electronic payment - forming and confirmation of EPD the digital signature;

9) identification number of the payer - details of the electronic payment document with indication of identification taxpayer number in payment documents in which as the payer legal entities, and with indication of personal identification number of physical person participate in electronic payment documents in which as the payer physical persons participate.

2. When carrying out calculations through interbank payment system the following requirements are observed:

a) ensuring bystry money transfer on clearing settlements between initiators and beneficiaries;

b) protection of the transferred EPD against unauthorized access;

c) compliance with laws and the rules regulating electronic payment transactions.

3. The interbank payment system functions on the basis of the following principles:

a) lack of priorities of processing of EPD on any signs and fair and open access to participation in system;

b) udobnost from the point of view of users and cost efficiency of policy tools of electronic payment;

c) effective management of system of accurate obligations by calculations;

d) initiation of electronic payment by the initiator;

e) implementation of electronic payments in case of compliance of turnovers and remaining balance on corresponding accounts of participants in TsR Central Bank and accounts belonging to them;

e) impossibility to cancel the initiated electronic payment;

g) high degree of safety, efficiency and reliability;

h) irrevocability of electronic payment from the moment of confirmation of EPD the digital signature of the initiator and finality of electronic payment from the moment of transfer of funds for corresponding account of the beneficiary;

i) possibility of provision of the means necessary for timely completion of the initiated payments and maintenance of liquidity of system during the day in case of temporary shortage of means on corresponding accounts of commercial banks, based on the separate agreement signed between the Central bank of the Republic of Uzbekistan and bank;

j) the organization of exchange of EPD in the form of production cycles of acceptance - control - transfer of EPD;

k) lack of restriction for the size of the amount of electronic payments.

4. Responsibility for ensuring technical, program and operational servicing of activities of interbank payment system based on the agreement signed between the Central bank and GTsI is conferred on GTsI.

5. Participants make electronic payments through TsR Central Bank based on the agreement signed with GTsI.

6. Users of interbank payment system are the physical persons and legal entities using payment services of participants.

7. The scheme of passing of EPD is given in appendix No. 1.

8. The rights and obligations of participants are determined based on the bilateral agreements signed with GTsI on opening and servicing of correspondent accounts of participants and on implementation of electronic payments by means of interbank payment system.

Processing by members of EPD transferred to TsR Central Bank for the purpose of implementation of interbank payments is performed on paid basis.

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