Regulation on the Gross Real-Time Settlement System in the Kyrgyz Republic

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Date created: 2026-02-12

Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 9, 2015 No. 76/6

REGULATION on the Gross Real-Time Settlement System in the Kyrgyz Republic

(As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated June 14, 2017 No. 2017-P-19/24-7, and December 26, 2025 No. 2025-P-12/70-6-(PS))

Chapter 1. General Provisions

1. (Ceased to be in force in accordance with the Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 14, 2017 No. 2017-P-19/24-7)

2. This Regulation defines the purpose and operating rules of the Gross Real-Time Settlement System in the Kyrgyz Republic (hereinafter - the System, GRTSS), including regulating the mechanism for processing payments and settlements through the System, establishing the procedure for exchanging payment documents and messages, and stipulating the conditions for participation, suspension, and termination of participation in the System.

3. This Regulation applies to the activities of financial and credit organizations licensed by the National Bank of the Kyrgyz Republic (hereinafter - the National Bank), their clients, other institutions holding an account opened at the National Bank, as well as specialized participants who have voluntarily signed a General Agreement with the National Bank regarding participation in the System (hereinafter - the General Agreement).

4. Payments and settlements are conducted in the System in accordance with this Regulation, the Instruction "On the Procedure for Processing Payments and Settlements in the Gross Real-Time Settlement System in the Kyrgyz Republic" approved by the Resolution of the Board of the National Bank dated May 27, 2009 No. 25/11, the Formats of Electronic Messages in the Gross Real-Time Settlement System (GRTSS) and their filling rules, approved by the Resolution of the National Bank dated September 25, 2007 No. 43/5, the Agreement on Establishing Correspondent Relations between the National Bank and the Correspondent, and the General Agreement.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 14, 2017 No. 2017-P-19/24-7)

5. The following terms and definitions are used in this Regulation. Gross Real-Time Settlement System - a set of procedures, rules, technologies, and technical infrastructure ensuring the processing of interbank urgent and large-value payments and the final settlement of each payment on an individual basis in real time. Final Settlement - a settlement conducted through the accounts of financial and credit organizations opened at the National Bank. Final settlement is unconditional and irrevocable. Payment Queue - a situation where the participant-payer's account at the National Bank lacks sufficient funds to effect final settlement. In this case, the participant-payer's payments are placed in a payment queue on a FIFO basis, taking into account priorities established by paragraph 46 of this Regulation. "All or Nothing" Principle - used when processing final settlements of net positions of System participants, calculated in retail payment systems. If at least one participant lacks sufficient funds to pay its net debit position, the System does not process final settlements for all participants until fully settled. Real-Time Mode - a processing mode for payment documents and information, ensuring immediate interaction between the payment document processing system and external processes at a pace commensurate with the speed of these processes. Urgent Payments - payments by System participants and their clients, including those related to the implementation of monetary policy, payments for transactions on interbank financial markets (national money, foreign exchange, capital, and securities markets), as well as payments for final net positions of participants in retail payment systems. FIFO (First In, First Out) - a payment processing principle based on ordering the process according to the order of payments' arrival in the payment system.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 14, 2017 No. 2017-P-19/24-7)

Chapter 2. Purpose, Objectives, and Tasks of the System

6. The System is a systemically important payment system designed for processing urgent and large-value payments in the national currency of the Kyrgyz Republic without cash, ensuring immediate and final settlement for each payment on an individual basis in real time according to the FIFO principle, considering established priorities for correspondent (current) accounts of participants opened at the National Bank.

7. The System's objective is to ensure reliability, safety, and efficiency, as well as to enhance the speed of processing urgent and large-value payments.

8. Achieving the System's objective involves solving the following tasks:

1. ensuring financial stability of the national economy;
2. ensuring immediate and final settlement between all System participants;
3. reducing financial, operational, and legal risks in processing payments and settlements;
4. accelerating the turnover of funds by reducing payment and settlement processing times;
5. ensuring mechanisms for effective liquidity management during settlements;
6. meeting System participants' needs regarding payment processing;
7. implementing monetary policy measures of the Kyrgyz Republic;
8. ensuring settlement for transactions on the financial markets of the Kyrgyz Republic;
9. processing final settlements of net positions received from retail payment systems.

Chapter 3. System Composition

9. The System consists of a main node, participants' automated workstations, a communication network, a backup center, and a service bureau.

10. The main node is located at the National Bank and represents a hardware-software complex designed to manage System operations, perform centralized collection and processing of electronic payment documents and messages, generate and transmit outgoing electronic payment documents and messages, and interact with adjacent systems (trading systems, retail payment systems, etc.). The main node performs the operator's functions for effecting final settlements through participants' accounts opened at the National Bank.

11. Participants' automated workstations represent a hardware-software complex designed for participants to generate, transmit, and receive electronic payment documents and messages, as well as to monitor and manage their liquidity.

12. The communication network represents a hardware-software complex designed to organize interaction between the main node and participants' automated workstations, as well as between the main node and the backup center.

13. The backup center is located at the National Bank and represents a hardware-software complex designed to duplicate the main node's operations in case of emergency or abnormal situations.

14. The service bureau represents a hardware-software complex installed in the National Bank's Unified Service Center, designed for participants without the ability to prepare and send electronic messages to generate, send, and receive electronic payment documents and messages.

Chapter 4. System Operator

15. The National Bank is the owner, operator, and an independent participant of the System.

16. As the System operator, the National Bank conducts its activities in accordance with the legislation of the Kyrgyz Republic and normative legal acts of the National Bank.

17. The National Bank ensures uninterrupted and efficient System operation, determines the order and rules for System functioning, and monitors compliance.

18. The operator's payment services include receiving, processing, and settling interbank payment documents; effecting final settlements for final net positions of retail payment system participants and transactions on financial markets; and providing real-time information to participants regarding the status of their payment documents (processed, in payment queue, or rejected) and the amount of funds in their correspondent (current) account at the National Bank.

19. Tariffs for processing payments and settlements in the System are established by the operator in accordance with pricing policy for payment services and approved by the Board of the National Bank. Tariff amounts are communicated to participants through the System and published on the official website of the National Bank.

Chapter 5. System Participants

20. System participants may include financial and credit organizations licensed by the National Bank, other institutions holding an account opened at the National Bank in accordance with Kyrgyz legislation, as well as specialized participants who have voluntarily signed a General Agreement with the National Bank, provided they meet the requirements established by paragraph 26 of this Regulation.

21. A direct participant is a participant holding an account at the National Bank, having a direct communication connection to the System, and identified by the System through a bank identification code (BIC) in accordance with the "Directory of Bank Identification Codes of Payment System Participants."

22. A sub-participant is a participant without an account at the National Bank and without direct access to the System. A sub-participant accesses the System through a direct participant. Sub-participants may be clients of direct participants.

23. A specialized participant is a participant without an account at the National Bank but with a direct communication connection to the System, conducting direct interaction with the System. Specialized participants may be operators of adjacent systems (operators of trading systems, retail payment systems, etc.).

24. A direct participant performs functions for generating and transmitting electronic payment documents and messages to the main node and backup center, monitors and controls the progress of its payments in the System, manages its payment queue, and ensures sufficient liquidity in its account at the National Bank for settlements.

25. The National Bank maintains a Directory of System Participants, which is an electronic database containing up-to-date information on the composition of participants, including details and forms of participation. All changes to participant composition are reflected in the Directory.

Chapter 6. Rules for Participation, Suspension, and Termination of Participation in the System

26. Only financial and credit organizations licensed by the National Bank, institutions holding an account opened at the National Bank in accordance with Kyrgyz legislation, and operators of adjacent systems who have voluntarily signed a General Agreement may be System participants, provided they meet the following requirements:

1. possession of a state registration/re-registration certificate for a legal entity with authorized Kyrgyz authorities;
2. possession of a National Bank license to conduct banking operations (for financial and credit organizations);
3. possession of a correspondent (current) account at the National Bank (for direct participation);
4. absence of overdue monetary obligations to the National Bank;
5. compliance with requirements for formatting, transmitting, and storing electronic payment documents and messages, including information security;
6. compliance with technical requirements for interaction and exchange of electronic payment documents and messages;
7. absence from lists of organizations supporting terrorism (extremism) financing, organized groups or criminal associations, weapons of mass destruction proliferation, and money laundering.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 26, 2025 No. 2025-P-12/70-6-(PS))

27. To connect to the System, a candidate submits a written application in standard form to the National Bank requesting inclusion in the System participant list, specifying the form of participation.

28. The National Bank notifies the candidate of its consent or refusal (with reasons) to include them as a System participant no later than 30 calendar days from the date of receiving the application. Grounds for refusal may include non-compliance with paragraph 26 requirements.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 14, 2017 No. 2017-P-19/24-7)

29. Upon receiving consent for inclusion, the candidate ensures technical and organizational conditions for System connection - installing an automated workstation (a hardware-software complex) transferred by an authorized operator employee to the candidate's authorized representative and connected to the System's main node and backup center with the operator's assistance. After connection, the automated workstation is tested for operational readiness.

30. Upon successful testing of the candidate's hardware-software complex, the General Agreement is signed, defining the rights, obligations, and liabilities of the operator and System participants regarding payment processing.

31. Participation in the System begins after signing the General Agreement and the correspondent relations agreement.

32. All participants are granted open and equal access to the System according to their status established within the System.

33. Participation may be terminated or temporarily suspended on grounds established by paragraphs 36-39 of this Regulation.

34. A decision to exclude a participant from the System serves as grounds for terminating the General Agreement, resulting in loss of System participant status.

35. A participant may be temporarily deprived of the right to participate without terminating the General Agreement through temporary suspension, resulting in suspended processing of its payment documents and messages.

36. The operator may terminate participation by sending a written notice to the participant specifying reasons and exclusion date no later than 3 calendar days from the decision date, on the following grounds:

1. non-compliance with requirements in paragraph 26;
2. failure to comply with System operating rules;
3. violation of National Bank normative legal acts;
4. non-fulfillment or improper fulfillment of obligations under the General Agreement and/or correspondent relations agreement;
5. failure to provide, late provision, or provision of unreliable information upon the operator's request regarding compliance with participation requirements and System rules;
6. failure to eliminate causes of temporary suspension.

37. The operator may terminate participation without notifying the participant on the following grounds:

1. revocation of banking operations license;
2. termination of legal entity activities in accordance with Kyrgyz legislation.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 14, 2017 No. 2017-P-19/24-7)

38. The operator may temporarily suspend participation by sending a written notice to the participant specifying reasons and suspension periods no later than the decision date, on the following grounds:

1. failure to comply with System operating rules;
2. violation of National Bank normative legal acts;
3. non-fulfillment or improper fulfillment of obligations under the General Agreement and/or correspondent relations agreement;
4. failure to provide, late provision, or provision of unreliable information upon the operator's request regarding compliance with participation requirements and System rules.

39. Participation may be terminated or temporarily suspended at the participant's initiative by submitting a written application in standard form specifying reasons and termination/suspension dates no later than 30 calendar days before the expected exit date, and no later than 10 calendar days before temporary suspension, specifying reasons and periods.

40. The operator notifies all participants of a participant's exclusion or temporary suspension no later than the decision date by sending an electronic message through the System.

Chapter 7. Rules for System Operation

41. The System ensures immediate and final settlement for each payment on an individual basis in real time within the credit balance of the participant-payer's correspondent (current) account at the National Bank by debiting the payer's account and crediting the payee's account.

42. The System interacts with adjacent systems (trading systems, retail payment systems, etc.) under rules established by this Regulation and other National Bank normative legal acts governing payment processing.

43. Files containing final net positions of retail payment system participants are transmitted to the GRTSS via existing communication channels and processed on an "all or nothing" basis.

44. Payments in the System are processed based on payment documents formatted as payment orders according to National Bank normative acts, in electronic form and on paper (if the participant lacks technical capabilities for electronic transmission):

1. exclusively between System participants regardless of geographic location;
2. in cashless form in the national currency of the Kyrgyz Republic;
3. within the System's operating day on the date specified in the payment document;
4. according to the FIFO principle with established priorities;
5. through correspondent (current) accounts of participants opened at the National Bank.

45. The System processes the following payment types:

1. credit payments;
2. debit payments;
3. files of final net positions from retail payment system participants.

46. The System ensures FIFO processing according to the following established priorities:

1. National Bank and Kyrgyz Government payments - highest priority;
2. settlements for final net positions of retail payment system participants - highest priority;
3. payments related to financial market transactions - high priority;
4. other urgent participant payments - medium priority.

47. Information exchange between System participants is conducted securely using cryptographic information protection tools in accordance with Kyrgyz legislation and National Bank normative acts.

48. Exchange of electronic payment documents and messages occurs through the main node or backup center using participants' automated workstations, as well as through the System's service bureau. An electronic payment document contains complete payment information, including all necessary details, and is signed with an electronic digital signature.

49. Paper payment document exchange occurs through designated participant employees, courier services, and other means according to a delivery system ensuring speed and reliability.

50. To process a payment, the participant-payer submits a payment order to the System in accordance with National Bank normative acts regulating cashless settlement rules.

51. The System operator performs receipt, processing, and transmission of the participant's payment document in accordance with Section 3 of the Instruction "On the Procedure for Processing Payments and Settlements in the Gross Real-Time Settlement System in the Kyrgyz Republic," approved by Resolution of the Board of the National Bank dated May 27, 2009 No. 25/11.

(As amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated June 14, 2017 No. 2017-P-19/24-7)

52. The System generates and transmits confirmations to all participants for all received payment documents and messages.

53. In case of insufficient funds by the participant-payer, payment documents are placed in a payment queue in the order of their arrival, considering established priorities.

54. The System provides participants with the ability to independently manage the payment queue (modify payment priorities, recall payments by transmitting a cancellation instruction). Cancellation instructions are accepted only while the payment document remains in the queue.

55. All payment documents in the queue not settled by the end of the System's operating day are rejected and returned to participants with reasons for non-processing.

56. The System generates statistical reports and archives data to ensure preservation of electronic documents for all processed payments by creating backup copies and maintaining an archive on external media (optical CD/DVD discs, external hard drives, USB flash drives, etc.). The operator and participants ensure storage of backup and archive copies in accordance with Kyrgyz legislation and National Bank normative acts.

57. Information security in the System is ensured in accordance with National Bank normative act requirements. Information protection is achieved through legal, organizational, and technical measures aimed at maintaining confidentiality and preventing unauthorized access.

58. The System operator and participants ensure software protection through regular antivirus program updates and antivirus checks.

59. For the client-payer, a payment is considered irrevocable upon receiving confirmation from the participant-payer that the payment document has been accepted for execution, and final upon debiting funds from the client-payer's account.

60. For the client-payee, a payment is considered final upon crediting funds by the participant-payee to the client-payee's account, or upon issuing cash to the client-payee or their authorized person.

61. A payment processed through the System is considered irrevocable upon debiting funds from the participant-payer's correspondent (current) account at the National Bank and final upon crediting funds to the participant-payee's correspondent (current) account.