Rules for the Supervision (Oversight) of the Payment System of the Kyrgyz Republic

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Date of creation: 2026-02-13

Appendix
to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated October 13, 2021 No. 2021-P-14/56-1-(PS)

RULES for the Supervision (Oversight) of the Payment System of the Kyrgyz Republic

(As amended by the Resolutions of the Board of the National Bank of KR dated October 31, 2025 No. 2025-P-14/59-2-(PS), December 26, 2025 No. 2025-P-12/70-6-(PS))

Chapter 1. General Provisions

1. Rules for the supervision (oversight) of the payment system of the Kyrgyz Republic (hereinafter - Rules) establish the procedure for the National Bank of the Kyrgyz Republic (hereinafter - National Bank) to conduct supervision (oversight) over the payment system of the Kyrgyz Republic, the procedure, forms and rules for reporting by operators of payment systems holding a license or registered with the National Bank, as well as providers of payment services and commercial banks having their own payment systems and being participants in international payment systems (hereinafter - supervised organizations), as well as the procedure for informing the National Bank about new products/systems in the payment system and changes to the system during the product/system implementation stage.

2. Commercial banks that are participants in international payment systems provide reporting within the framework of regulatory banking reporting. Reporting on electronic money settlement systems is provided by electronic money issuers in accordance with the requirements of the normative legal acts of the Kyrgyz Republic.

(As amended by the Resolution of the Board of the National Bank of KR dated October 31, 2025 No. 2025-P-14/59-2-(PS))

3. Operators of payment systems, as well as commercial banks having their own payment systems, provide reporting in accordance with these Rules in electronic and paper forms with a cover letter if there is no electronic signature, or within the framework of periodic regulatory reporting (hereinafter - PRR) if there is an electronic signature certified by the National Bank's certification center.

4. In conducting supervision (oversight) of the payment system of the Kyrgyz Republic, the National Bank uses information obtained from supervised organizations within the framework of periodic reporting and interaction, official requests, reports on assessment results, concluded contracts and international cooperation, as well as data from open sources.

5. The National Bank, with the aim of minimizing systemic risk in the payment system of the Kyrgyz Republic in accordance with established significance criteria, reviews at least once every six months the list of systemically important (hereinafter - SIP), important (hereinafter - IP), national payment systems (hereinafter - NPS) and providers of critical services. Corresponding notifications regarding their recognition as SIP, IP, NPS, and provider of critical services are sent to operators of SIP, IP, NPS, and providers of critical services.

6. Supervised organizations form and provide reporting to the National Bank in accordance with the degree of significance of their payment system and criticality of payment infrastructure, which is determined by the National Bank according to approved significance criteria.

7. The National Bank maintains confidentiality of information obtained from supervised and other organizations when conducting supervision (oversight) of the payment system of the Kyrgyz Republic. Disclosure of such information is carried out in accordance with the legislation of the Kyrgyz Republic.

Chapter 2. Procedure for Monitoring the Payment System of the Kyrgyz Republic

8. The National Bank conducts monitoring of the payment system of the Kyrgyz Republic based on the collection and analysis of regular reporting prepared by operators of payment systems, electronic money issuers, participants in international payment systems, and providers of critical services, which allows obtaining data on quantitative and qualitative characteristics of the functioning of the payment system, including:

1. by volume and number of daily payments during the month;
2. by concentration ratio in the payment system;
3. by payments broken down by payment instruments, types of payment systems, and channels for exchanging financial messages;
4. by payments broken down by major system participants;
5. by incidents (abnormal situations, unauthorized operations, etc.);
6. broken down by payment purpose;
7. by unpaid payments with reasons indicated;
8. by interconnections between payment systems.

9. The National Bank, when supervising (oversight) the payment system, may:

• send requests to supervised organizations to obtain information on the state of the payment system and infrastructure, incidents, complaints, appeals, and recalls regarding payments, payment services, and infrastructure, on applied management methods in the payment system, on the composition of participants, on tariffs not requested by the National Bank within regulatory reports, on current technologies and innovations;
• exchange information with state authorities, international payment systems, international financial organizations, and central banks of other countries;
• organize and participate in discussions, meetings, and multilateral negotiations, including working group negotiations and participation in committees/councils;
• conduct interaction in forms provided by legislation and relevant practice.

10. Operators of SIP on a daily basis, except weekends and holidays, transmit in electronic form (Excel file) to the National Bank the following information:

• number and volume of payments broken down by each participant, according to the form established in Appendix 1 to these Rules;
• number and volume of unpaid payment documents with reasons for non-execution (liquidity shortage, rejected by system, recalled by participant, system failure, etc.), according to the form established in Appendix 2 to these Rules;
• on incidents in the payment system (violation of system operating regulations, failures and errors, downtime, unauthorized access, violation of continuity, force majeure circumstances, etc.), according to the form established in Appendix 1 to the Regulation "On Abnormal Situations in the Payment System", approved by the Resolution of the Board of the National Bank dated September 2, 2019 No. 2019-P-14/46-2-(PS) (hereinafter - Regulation on Abnormal Situations).

11. Operators of IP, NPS, and providers of critical services transmit to the National Bank information on incidents in the payment system (violation of operating regulations, failures and errors, downtime and reduced system availability, unauthorized access, violation of continuity, force majeure circumstances, etc.) as they occur, according to the form established in Appendix 1 to the Regulation on Abnormal Situations.

12. Operators of IP and providers of critical services provide to the National Bank on a monthly basis, no later than the 15th day of the month following the reporting month, information on the number and volume of payments (transfers), including broken down by participants, according to the forms established in Appendices 3 - 6 to these Rules.

13. Operators of payment systems that are not SIP and IP, electronic money issuers, as well as commercial banks (having their own payment systems, being agents of international electronic money systems, and participants in international payment systems) and providers of payment services provide to the National Bank on a monthly basis, no later than the 15th day of the month following the reporting month, the following information:

• on the number and volume of payments (transfers), according to the form established in Appendix 3 to these Rules;
• on the number and volume of payments not accepted for processing by the payment system, according to the form established in Appendix 5 to these Rules;
• on incidents related to violation of continuous functioning of the payment system and/or rules of the payment system (violation of operating regulations, failures and errors, downtime, unauthorized access, violation of continuity, force majeure circumstances, etc.), according to the form established in Appendix 1 to the Regulation on Abnormal Situations;
• on the use of payment instruments, according to the form established in Appendix 6 to these Rules.

(As amended by the Resolution of the Board of the National Bank of KR dated October 31, 2025 No. 2025-P-14/59-2-(PS))

14. Reports from supervised organizations must include all forms of the above data for each payment system with which the supervised organization works.

Reports provided through regulatory banking reporting and PRR are sent to the National Bank in electronic form as an Excel file (with separate sheets for each report form and broken down by payment systems) with a cover letter of the established format, signed by the corresponding electronic signature.

Reports provided not through regulatory banking reporting or PRR are sent to the National Bank in electronic form (with separate sheets for each report form and broken down by payment systems) and a cover letter in PDF format with attachments in Excel and PDF formats to the email address psoversight@nbkr.kg, with subsequent submission in paper form if there is no electronic signature. Information sent electronically must be identical to information provided on paper. The date of providing a report on paper is the date it is registered in the National Bank.

15. In case of any discrepancies, errors, incomplete provision, or incorrect completion of report forms, the corresponding structural subdivision of the National Bank notifies the authorized employee from the supervised organization by email and/or telephone about the need to adjust the report. Adjusted reports together with a cover letter must be provided to the National Bank: daily - within 2 (two) working days, weekly reports - within 3 (three) working days, all other reports - within 5 (five) working days from the date of receiving the corresponding notification from the National Bank.

16. Operators and participants of payment systems, as well as providers of critical services, at the stage of implementing new previously unprovided services/products, changes to the system, and upon final termination of the system, must inform the National Bank in advance by sending a notification with an attachment containing detailed information describing the developed service/product, expected changes/additions to the system. The National Bank analyzes the received information and, if risks for the payment system of the Kyrgyz Republic, payers, or other payment systems are identified, must inform the operator/participant of the payment system and provider of critical services thereof within 30 (thirty) calendar days from the date of registering the notification in the National Bank to eliminate deficiencies. In case the participant is not notified by the National Bank within the established term, it is considered that no risks exist.

17. For failure to provide information, untimely and/or inaccurate provision of information, as well as incorrect completion of reports, the supervised organization bears responsibility in accordance with the legislation of the Kyrgyz Republic.

18. During monitoring, the National Bank analyzes:

• individual quantitative and qualitative characteristics of each payment system operating within the territory of the Kyrgyz Republic;
• dynamics of changes in individual characteristics of each payment system operating within the territory of the Kyrgyz Republic;
• distribution of market share by types of payment systems;
• probability of systemic risk in the payment system.

19. Monitoring results are systematized on a monthly basis and used for conducting supervision (oversight) of the payment system of the Kyrgyz Republic within the regulation and development of the payment system of the Kyrgyz Republic.

20. The National Bank publishes information on the results of supervision (oversight) of the payment system of the Kyrgyz Republic on its official website at least once a quarter, maintaining the necessary level of confidentiality.

21. Information on the results of supervision (oversight) of the payment system of the Kyrgyz Republic may contain:

• information on typical deficiencies and problems in the functioning of the payment system;
• monitoring results for the functioning of different types of payment systems, risk level and availability of national payment systems;
• information on the results of assessment and analysis of various payment systems, etc.

Chapter 3. Procedure for Assessing the Functioning of Payment Systems and Payment Infrastructure

22. Assessment of the functioning of the payment system and payment infrastructure for compliance with the requirements of the National Bank and established international standards, including Principles for Financial Market Infrastructures (PFMI)(1), is conducted by the National Bank in respect of SIP, IP, and providers of critical services at least once every three years based on quantitative and qualitative data obtained as a result of monitoring, results of the operator's self-assessment of its system, and other documents submitted as part of the assessment.

23. When conducting payment system assessments, the National Bank, in accordance with international standards, conducts an assessment for compliance with Obligations of central banks, market regulators, and other competent authorities in the field of financial market infrastructure (Appendix 11 to these Rules) at least once every three years.

24. The National Bank informs the operator of SIP, IP, and provider of critical services 3 (three) months before the start of the assessment about the date of commencement of their system or activity assessment, and also notifies them of the need to provide results of the conducted self-assessment of their system to the National Bank by the assessment date in accordance with Appendices 8, 10, 12 to these Rules, along with corresponding internal documents (contracts, operating rules, internal regulatory documents, orders, etc.).

25. Self-assessment must be conducted in accordance with system significance categories (SIP, IP) and provider of critical services, and must contain detailed information for each questionnaire item.

26. Analysis of compliance with the normative legal acts of the National Bank is an integral part of the system self-assessment conducted by the operator of the payment system and provider of critical services.

27. Operators of SIP and IP, as well as providers of critical services, by the assessment date must provide to the National Bank the following documents:

• self-assessment of functioning of their payment system according to forms established in Appendices 8, 10, 12 to these Rules;
• official system documentation (system rules, contracts and agreements related to the functioning of the payment system, operator's business plan for the last 3 (three) years, business continuity plan, current tariffs, etc.);
• conclusions of external (if any) and internal auditors on the results of the last audit of the system operator's activities;
• results of the latest IT audit;
• other information.

28. Within the assessment, the National Bank has the right to conduct:

• meetings with the management of the evaluated payment system operator, provider of critical services to discuss the current state of the payment system/infrastructure, clarify arising questions and/or send corresponding requests;
• multilateral negotiations, including working group negotiations and participation in committees/councils.

29. The National Bank conducts an analysis of compliance with the functioning requirements of providers of critical services by legislation, recommendations of the National Bank, and international standards regarding financial market infrastructure.

30. In case a provider of critical services is not a supervised organization, the National Bank conducts an assessment of such provider independently through direct interaction with the provider of critical services and the corresponding supervisory authority.

31. Compliance analysis with principles is evaluated qualitatively on a 5-point scale:
    | Score | Degree of compliance with criterion | Description |
    |---|---|---|
    | 5 | Complied with | All identified gaps and deficiencies in the assessment do not relate to problematic issues and are immaterial, manageable issues that can be resolved in normal course |
    | 4 | Mainly complied with | The assessment identified one or more problematic issues that must be resolved within the established term and require continued monitoring |
    | 3 | Partially complied with | The assessment identified one or more problematic issues that may become serious if not resolved immediately. Special attention must be paid to resolving these issues |
    | 2 | Not complied with | The assessment identified one or more serious problematic issues requiring immediate actions, respectively, these issues must be addressed first |
    | 1 | Not applicable | This principle does not apply to the specified type of evaluated payment system due to legal, institutional, structural or other characteristics of the payment system |

32. Assessment results are reflected by the National Bank in a report with an attachment justifying the specific assessment. Based on the analysis results, a conclusion on system functioning is prepared and a decision is made:

• on compliance of system functioning with accepted standards and National Bank requirements and maintenance of the current level of system functioning (score above 4);
• on the need to make changes to the evaluated system to improve its operational efficiency, including recommendations for achieving full compliance with assessment criteria and specifying implementation deadlines (score 3);
• on applying measures to the evaluated system and specifying implementation deadlines or on the impossibility of further functioning of the system (score 2).

33. The National Bank provides the operator of the payment system or provider of critical services with a conclusion based on analysis and assessment results, and if risks/violations/need for improvement of any processes and/or procedures are identified, sends corresponding recommendations/instructions/requirements for subsequent implementation.

34. The operator of the payment system or provider of critical services within 20 (twenty) working days from the date of receiving the conclusion on analysis and assessment results, as well as recommendations/instructions/requirements for system improvement or elimination of deficiencies, sends to the National Bank for approval an action plan for implementation of recommendations/instructions/requirements for system improvement or elimination of deficiencies (hereinafter - action plan) in accordance with Appendix 14 to these Rules, specifying deadlines, which indicates the consent of the operator of the payment system and provider of critical services with the analysis and assessment results.

35. After approval by the National Bank, the operator of the payment system or provider of critical services within 5 (five) working days sends to the National Bank the approved action plan specifying the approval date and name of the approving body.

36. In case of disagreement with recommendations/instructions/requirements for system improvement or elimination of deficiencies, the operator of the payment system or provider of critical services sends to the National Bank a letter specifying specific reasons for disagreement with each document no later than 7 (seven) working days from the date of receiving the documents.

37. The National Bank within 7 (seven) working days from the date of receiving the corresponding letter from the operator of the payment system or provider of critical services considers the position on disagreement with recommendations/instructions/requirements for system improvement or elimination of deficiencies, and if necessary, conducts meetings in working order or via videoconference with the operator of the payment system or provider of critical services to resolve disputed issues.

38. As a result of discussions and consideration of the position of the operator of the payment system and provider of critical services, if necessary, the National Bank has the right to adjust recommendations/instructions/requirements for system improvement or elimination of deficiencies. Submission of the action plan by the operator of the payment system and provider of critical services is carried out in accordance with the deadlines specified in paragraphs 34 and 35 of these Rules.

39. A report on the status of implementation of the action plan must be provided by the operator of the evaluated system and provider of critical services quarterly no later than the 10th day of the month following the reporting quarter, according to the form established in Appendix 15 to these Rules until the recommendation/instruction/requirement is eliminated/implemented.

40. The National Bank publishes information on the results of supervision (oversight) and analysis and assessment of payment systems and providers of critical services efficiency on its official website in regular analytical reports on the functioning of the payment system of the Kyrgyz Republic, maintaining the necessary level of confidentiality.

Chapter 4. Measures for Initiating Changes and Improving Payment Systems

41. In case deficiencies are identified in the activities of a separate payment system as a result of monitoring or conducted assessment, which may lead to violation of the rights of consumers of this system or entail systemic risk in the payment system of the Kyrgyz Republic, the National Bank informs the operator of the payment system about these deficiencies and the need to carry out the following measures:

• making changes to rules, contracts, and internal documents regarding the functioning of the payment system, payment infrastructure;
• making changes to the risk management system, including to ensure continuous functioning of the payment system/payment infrastructure;
• improvement of information and communication technologies regarding information protection and increased security in the payment system/payment infrastructure;
• changes to mechanisms within the payment system/payment infrastructure;
• elimination of deficiencies in system operations;
• improvement of the financial condition level of SIP and IP operators and providers of critical services;
• other measures.

42. The National Bank sends corresponding recommendations/instructions/requirements to the operator of the payment system or provider of critical services.

43. Depending on identified risks and their degree of influence on the payment system of the Kyrgyz Republic as a whole, as well as in cases of non-fulfillment of decisions made as a result of system assessment, the National Bank, in coordination with other supervisory authorities, has the right to apply impact measures regarding the system operator and supervised organization in accordance with the legislation of the Kyrgyz Republic.

44. Impact measures prepared based on analysis and assessment may be appealed in accordance with the Regulation "On Out-of-Court Dispute Resolution between the National Bank of the Kyrgyz Republic and commercial banks, organizations carrying out certain types of banking operations, and their founders (participants), legal and natural persons", approved by the Resolution of the Board of the National Bank dated May 17, 2017 No. 19/13.

45. The National Bank may apply to the court regarding a supervised organization for compulsory execution of its decision.

Appendix 1
to the Rules for the Supervision (Oversight) of the Payment System of the Kyrgyz Republic

INFORMATION on payments in __________________________________________________ by participants (name of systemically important payment system) for "_" _______________________ 20 y ---