Article 4-4. National Payment System of the Law on Payments and Payment Systems

Home / Laws / Article 4-4. National Payment System of the Law on Payments and Payment Systems

1. The national payment system consists of an interbank money transfer system, an interbank clearing system and other payment systems operated by the National Bank of the Republic of Kazakhstan or a legal entity of the National Bank of the Republic of Kazakhstan.

2. The national payment system is aimed at:

1) making payments and (or) money transfers for operations of the monetary policy of the state;

2) making payments and (or) money transfers between financial institutions using money held in correspondent accounts opened with the National Bank of the Republic of Kazakhstan;

3) ensuring the completion of settlements based on the results of clearing in payment systems operating in the territory of the Republic of Kazakhstan, as defined by the rules of these payment systems;

4) making interbank payments and (or) money transfers in the territory of the Republic of Kazakhstan, including processing and clearing, using payment cards issued by second–tier banks - residents of the Republic of Kazakhstan and organizations engaged in certain types of banking operations through the interbank payment card system;

5) implementation of instant mobile payments and (or) money transfers between clients participating in the interbank mobile payment system.

3. The terms of participation of payment service providers in the national payment system are determined by the National Bank of the Republic of Kazakhstan.

The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.

This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.

President

Republic of Kazakhstan

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