Regulatory Alerts2023-02-16 | 1545-5Added · Updated
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
Registered on February 16, 2023 under No. 1545-5, the decision aligns rules for connecting banks without branches or bank branches to the interbank payment system with current legislation. It establishes that if sufficient funds are unavailable in a bank's correspondent account, payments based on clearing system data will be recorded as an overdraft. Furthermore, operations through the Central Bank clearing settlement system and Fast Payment System are suspended for banks with an overdraft until a positive balance is restored in the correspondent account.
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:
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The rules established for connecting a bank without branches or a bank branch to the interbank payment system were aligned with current legislation requirements;
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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;
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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.
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