Explanation on the Decision on Amendments and Additions to the Regulation on the Procedure for Making Electronic Payments Through the Central Bank's Interbank Payment System

The decision of the Board of the Central Bank "On Amendments and Additions to the Regulation on the Procedure for Making Electronic Payments Through the Central Bank's Interbank Payment System" was state registered by the Ministry of Justice on February 16, 2023 under No. 1545-5.

With these amendments and additions:

• The rules established for connecting a bank without branches or a bank branch to the interbank payment system were aligned with current legislation requirements;

• It was established that in case sufficient funds are not available in the banks' correspondent account, funds for payments made based on data on final settlements between banks received from payment systems operating through clearing will be reflected as an overdraft;

• It was noted that operations of a bank with an overdraft in the correspondent account through the Central Bank clearing settlement system and Fast Payment System are suspended until a positive balance is formed in the correspondent account;

Also, norms in certain paragraphs of the Regulation were aligned with current legislative documents.