Resolution of the Board of the Central Bank of the Republic of Uzbekistan on Amendments and Additions to the Regulation on the Procedure for Carrying Out Electronic Payments through the Interbank Payment System

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 29.09.2020, registration number 1545-3

Date of Entry into Force

29.09.2020

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[ OKOZ: 1. 07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.21.00.00 Banking Activity / 07.21.10.00 Interbank Operations and Operations between Legal and Physical Persons] [ TSZ: 1. Finance / Banks and other credit institutions. Credits]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Amendments and Additions to the Regulation on the Procedure for Carrying Out Electronic Payments through the Interbank Payment System

[Registered by the Ministry of Justice of the Republic of Uzbekistan on September 29, 2020, registration number 1545-3]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Payments and Payment Systems", the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions shall be made to the Regulation on the Procedure for Carrying Out Electronic Payments through the Interbank Payment System of the Central Bank, approved by Resolution No. 1/3-1 of the Board of the Central Bank of the Republic of Uzbekistan dated January 17, 2006 (registration number 1545, February 14, 2006) (Collection of Legislation of the Republic of Uzbekistan, 2006, No. 6-7, Article 48), in accordance with the Appendix.

2. This resolution enters into force from the date of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

August 25, 2020,

No. 18/10

APPENDIX

To the Resolution of the Board of the Central Bank of the Republic of Uzbekistan dated August 25, 2020, No. 18/10

Amendments and Additions to the Regulation on the Procedure for Carrying Out Electronic Payments through the Interbank Payment System

1. In the Preamble, the words "On Electronic Payments" shall be replaced with the words "On Payments and Payment Systems".

2. In paragraph 1:

Subparagraph 1 shall be worded as follows:

"1) The Central Bank's Accounting Center (hereinafter referred to as CB AC) is an information system of the Central Bank of the Republic of Uzbekistan, which is part of the Interbank Payment System, and its functions include opening and servicing representative accounts for the head offices of commercial banks (hereinafter referred to as banks) and the Central Bank, as well as ensuring the uninterrupted execution of electronic payments between them within the specified time;";

Subparagraph 3 shall be worded as follows:

"3) The Central Bank's Information Processing Main Center (hereinafter referred to as IPMC) is a center that provides technical, software, and operational services to the interbank payment system based on the contract concluded with the Central Bank;";

In subparagraph 5, the words "Electronic payment document for payment" and "Electronic payment document" shall be replaced, respectively, with the words "EPD for payment" and "EPD";

In subparagraph 6, the words "to another bank address" shall be replaced with the words "to the beneficiary bank".

3. Subparagraph "l" of paragraph 3 shall be worded as follows:

"l) no limits are established on the amount of electronic payments.".

4. Paragraphs 4 – 6 shall be worded as follows:

"4. The provision of technical, software, and operational services for the activity of the Interbank Payment System is entrusted to the IPMC based on the contract concluded between the Central Bank and the IPMC.

5. Banks carrying out electronic payments through the CB AC based on the contract concluded with the IPMC are considered participants of the interbank payment system.

6. Banks that are participants of the interbank payment system are considered users of the interbank payment system, which are physical and legal persons using the payment services of payment service providers.".

7. Paragraphs 8 and 9 shall be worded as follows:

"8. The rights and obligations of participants of the interbank payment system, as well as the opening of representative accounts by banks and the procedure for carrying out electronic payments through the interbank payment system, are determined based on bilateral contracts concluded with the IPMC.

The processing of EPDs sent by banks to the CB AC for the purpose of carrying out interbank payments is carried out for a fee.

When a decision is adopted to change the service fee charged for the execution of interbank payments, the Central Bank publishes an announcement on its official website no later than three working days, and this change is applied by the payment system operator and participants fifteen days after the announcement on the official website of the Central Bank.

9. The responsibility for the correct completion of payment documents intended for transmission in the interbank payment system is borne by the bank's client.".

10. The words "and CB AC" shall be deleted from paragraph 11.

11. In paragraph 13, the words "Payment Systems and Information Technologies" and "PSITD" shall be replaced, respectively, with the words "Regulating Payment System Activity" and "PSD".

12. In paragraph 15:

Subparagraphs 1 and 2 shall be worded as follows:

"1) The Department Responsible for Licensing Banks of the Central Bank (hereinafter referred to as CB LBD) notifies the CB PSD that the bank has obtained a license from the Central Bank to carry out banking activity, indicating the full name and address of the bank;

2. Based on the written notice of the CB PSD, the DBMAB department of the IPMC reserves a specific number for the commercial bank and its relevant details, and simultaneously notifies the bank and the CB PSD about this;";

Subparagraph 5 shall be worded as follows:

"5) Based on the notifications of the CB LBD regarding the issuance of a license to the bank, the readiness of the bank to work in the interbank payment system, the notifications of the Central Bank's Security and Information Protection Department, and the protocol of the IPMC regarding the positive results of the test, as well as a copy of the certificate of registration from the State Tax Committee indicating the identification number of the taxpayer, the CB PSD sends an official notice to all banks about the opening of the bank, the issuance of a specific number in the DBMAB, and its connection to the interbank payment system. In turn, relevant changes are made to the electronic directories of the Central Bank.".

9. The fourth and fifth paragraphs of paragraph 16 shall be worded as follows:

"After all work is completed, the bank submits a letter to the CB PSD regarding the issue of connecting the branch to the interbank payment system. It indicates the name, address, and territorial subordination of the branch in providing bank statistical reports.

Based on this letter, the specific number reserved in the DBMAB for the bank branch and the relevant details are entered into the relevant electronic directory of the Central Bank, and the CB PSD sends an official notice to all banks about the opening of the bank branch and its connection to the interbank payment system.".

10. In subparagraph 2 of paragraph 17, the words "if other cases are not agreed upon in the contract between the CB AC and the bank" shall be replaced with the words "if other cases are not provided for in the contract".

11. Paragraph 18 shall be worded as follows:

"18. Composition and structure of EPDs used in the interbank payment system:

1. EPDs presented in Appendices 2 – 6 are used in the interbank payment system;

2. Each EPD must be marked with the relevant code (Payment Document Code) intended for identifying the document prepared by the initiating bank for transmission and the document received electronically at the beneficiary bank. Payment document codes (hereinafter referred to as PDC) are presented in Appendix 8;

3. To ensure the timely and correct transfer of funds, all details of payment documents must be entered correctly when preparing the EPD;

4. When entering a payment order (PDC 01), a payment request (PDC 02), a memorial order (PDC 06), a collection order (PDC 11), and a payment order transferred through the remote service system (PDC 21), the following details must be filled in correctly:

the document number;

the document date;

the payer's name;

the payer's personal account number;

the taxpayer's identification number (TIN);

the code of the payer's bank;

the name of the payer's bank;

the amount of the document (in numbers);

the payee's name;

the payee's personal account number;

the code of the payee's bank;

the name of the payee's bank;

the amount of the document in words (written automatically);

the purpose of the payment.

Information that is not prohibited by legislation and corresponds to the terms of the contract concluded between the bank and its client may be indicated for the purpose of payment.

In a collection order for enforcement documents, the number, date, and name of the enforcement document serving as the basis for recovery are indicated.

According to legislation, for payment documents of certain organizations acting as the payer or payee, it is possible not to indicate information in the "purpose of payment" field regarding the purpose of the payment transfer;

5. When entering an application for a letter of credit (PDC 05), the following details must be filled in correctly:

the letter of credit number;

the date of writing the letter of credit;

the payer's name;

the payer's account number;

the taxpayer's identification number (TIN);

the name of the issuing bank;

the code of the issuing bank (initiating bank),

the amount of the letter of credit in numbers;

the name of the supplier;

the account number of the supplier;

the name of the bank executing the letter of credit;

the code of the bank executing the letter of credit (beneficiary bank);

the amount of the letter of credit in words (written automatically);

the term of the letter of credit.

Letter of credit terms:

the type of letter of credit;

the name of the goods (products), service;

the name of the document serving as the basis for making payments under the letter of credit.".

12. In the second paragraph of paragraph 24, the abbreviation "IPMC" shall be replaced with the abbreviation "CB AC".

13. Paragraph 25 shall be worded as follows:

"25. The Central Bank of the Republic of Uzbekistan may extend the transmission time of interbank EPDs based on the monetary-credit management characteristics, based on the written or electronic instruction of the Deputy Chairman of the Coordinating Committee for Payment System Issues. The IPMC notifies system participants electronically about the extension of the processing time of EPDs.".

14. Paragraph 29 shall be worded as follows:

"29. Payment documents submitted by the client are checked for the correct completion of all mandatory details presented in paragraph 18 of this Regulation.".

15. In paragraph 31:

The words "commercial bank's account statements," shall be deleted from the first paragraph;

Subparagraph 2 shall be considered lost in force.

16. In paragraph 32, the words "monetary-calculation" shall be replaced with the word "payment".

17. Paragraphs 33 and 34 shall be worded as follows:

"33. At the initiating bank, after internal control and electronic digital signature verification, the following accounting entries are made for interbank settlements:

1. Based on EPDs received from branches at the Payment (Accounting) Center of the Initiating Bank:

For Credit Operations (PDC — 01, 02, 05, 06, 11, 21):

DEBIT 22204 relevant branch account;

CREDIT 10301 bank's account;

2. Based on EPDs received from the Accounting-Cash Centers of the Central Bank at the Payment Center of the Central Bank:

For Credit Operations (PDC — 01, 02, 05, 06, 11, 21):

DEBIT 22204 relevant Accounting-Cash Center account;

CREDIT 11005;

For Debit Operations (PDC — 06):

DEBIT 11005;

CREDIT 22204 relevant Accounting-Cash Center account.

34. At the beneficiary bank, after internal control and electronic digital signature verification, the following accounting entries are made based on payment documents received from the interbank payment system:

1. At the Payment (Accounting) Center of the Beneficiary Bank upon receipt of an EPD for the bank:

For Credit Operations (PDC — 01, 02, 05, 06, 11, 21):

DEBIT 10301;

CREDIT 22204 relevant branch account;

2. At the Payment Center of the Central Bank upon receipt of an EPD:

For Credit Operations (PDC — 01, 02, 05, 06, 11, 21):

DEBIT 11005;

CREDIT 22204 relevant Accounting-Cash Center account;

For Debit Operations (PDC — 06):

DEBIT 22204 relevant Accounting-Cash Center;

CREDIT 11005.".

18. Chapter VII shall be added with the following content:

"VII. Specific Features of Continuous Execution of Interbank Payments

43. Interbank payments are carried out continuously through the Central Bank's Quick Payment System (hereinafter referred to as the Quick Payment System). The IPMC provides technical, software, and operational services for the continuous operation of the Quick Payment System based on a contract with the Central Bank.

44. To connect to the Quick Payment System, banks must be connected to the Central Bank's interbank payment system and apply to the IPMC. When using the services of the Quick Payment System, banks must comply with information security requirements. Banks ensure that every electronic payment document carried out through the Quick Payment System is protected by electronic digital signature keys.

45. Interbank settlements through the Quick Payment System are carried out online in a continuous (without weekends) 24/7 mode. In this regard, a limit is determined based on the balance of the representative account of commercial banks at the Central Bank, and settlements are carried out within the limits of this balance. Banks must ensure the liquidity of their representative accounts to ensure the continuity of payments.

46. Clearing sessions are carried out in the Quick Payment System in the established order. Before the start of the clearing session, the representative account of banks at the Central Bank must have a sufficient positive balance.

47. Payment orders transmitted to the Quick Payment System for processing for the purpose of making payments must be submitted to the service-providing bank operating in 24/7 mode through remote service systems by bank clients, and there must be sufficient funds in the payer's account.

48. At the end of each clearing session, the net positions of banks are determined. The net position is calculated by determining the difference between the funds the bank must pay to other banks and the funds it must receive from other banks. Information about the determined net positions is transmitted to the Accounting Center of the Central Bank, and final settlement is carried out by debiting or crediting funds to the banks' representative accounts.

49. Until confirmation is received from the Quick Payment System that the payment order transmitted for execution has been successfully processed, an amount equal to the amount in the payment order is reserved in the payer's account, and after confirmation, it is debited. After receiving confirmation from the Quick Payment System, payees gain the opportunity to spend funds credited to their accounts; until then, funds transferred to the payee's benefit are reserved in their account.".

50. Appendix 7 shall be considered lost in force.

51. In Appendix 8:

The words "Name of Documents" and "Type of Operations" shall be replaced, respectively, with the words "Name of Payment Documents" and "Code of Payment Documents";

Position 6 shall be worded as follows:

"6. Payment order transferred through the remote service system 21 ".

(National Database of Legislative Information of the Republic of Uzbekistan, September 29, 2020, No. 10/20/1545-3/1351)