Kyrgyzstan's National Bank proposes removing card transactions from clearing system

The National Bank of Kyrgyzstan has proposed removing card transactions from the Small Retail and Recurring Payments Clearing System (SPK). The draft resolution has been put up for public discussion. The regulator says card settlements in the national payment system of the Interbank Processing Center have already been moved from SPK to the Gross Settlement System in real time (GSRRV).

According to the National Bank, the transition has accelerated final settlements, improved liquidity management for participants and reduced the risk of card payments not being executed. The proposed amendments would remove outdated provisions from the SPK regulation and payment instruction and bring the documents in line with the existing settlement procedure.

The draft also sets requirements for new SPK participants, including compliance with information security rules, technical standards for exchanging electronic payment documents and an alternative connection channel. A participant must have no overdue obligations to the National Bank. Applications go to the National Bank, which must respond within 30 calendar days. The term electronic signature would be replaced by digital signature. The bank says adoption requires no additional budget funds.