Regulatory Alerts2023-02-16 | 30/27Added · Updated
On Amendments and Additions to the Regulation on the Procedure for Carrying Out Electronic Payments Through the Interbank Payment System of the Central Bank
The Central Bank of Uzbekistan amends the 2006 Regulation on electronic payments via the interbank payment system to update terminology, replacing 'registered' with 'accredited' and 'sufficient positive balance' with 'sufficient funds'. It introduces new provisions allowing overdrafts in representative accounts to cover electronic payments based on final settlement data from clearing systems, and mandates the suspension of a bank's operations in the clearing and fast payment systems if an overdraft occurs, with operations resuming only once a positive balance is restored. Additional changes include clarifying software requirements for system access and specifying the use of memoranda for non-acceptance fund withdrawals.
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