Article 8. Payment system operator and participants of the Law on Payments and Payment Systems

Home / RLA / Article 8. Payment system operator and participants of the Law on Payments and Payment Systems

1. A legal entity that is not an operator of a payment system may not use the words "payment system" and words derived from them in its name, suggesting that it carries out activities to ensure the functioning of the payment system.

It is allowed to combine the functions of a payment system operator with the function of an electronic money system operator.

2. Payment system operator:

1) establishes the rules of the payment system and monitors their compliance by the participants of the payment systems;

2) carries out the processing and issuance of payment and information messages of the participants (participants) of the payment system, individual execution of instructions or clearing;

3) concludes an agreement with a participant of the payment system on participation in the payment system;

4) defines the risk management system in the payment system;

5) ensures the functioning of the payment system infrastructure;

6) ensures compliance with information security measures and business continuity;

7) ensures equal and open access of the participants of the payment system to the services provided by them;

8) approves internal documents on managing the activities of the payment system operator;

9) performs other duties on the basis of agreements concluded with the participants of the payment system.

3. It is allowed for the operator of the payment system to instruct the operational and technological functions to the operational center of the payment system.

Operational functions include the functions provided for in subparagraph 2) paragraph 2 of this article. Technological functions include the functions provided for in paragraphs 5) and 6) of paragraph 2 of this article.

4. The operator of a foreign payment system provides money transfers between participants of the payment system in the national currency of the Republic of Kazakhstan through an interbank money transfer system or banks or organizations engaged in certain types of banking operations.

5. The operator of a systemically significant payment system or a significant payment system, with the exception of the National Bank of the Republic of Kazakhstan, submits information to the National Bank of the Republic of Kazakhstan during the operation of the payment system:

1) about the approved amendments and additions to the rules of the payment system no later than fifteen working days before the date of introduction of these amendments and additions into effect;

2) on the change of tariffs (cost of services) of the payment system operator no later than fifteen working days before the date of the introduction of these changes into effect.

The footnote. Article 8 as amended by the Law of the Republic of Kazakhstan dated 12/30/2020 No. 397-VI (effective six months after the date of its first official publication).

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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