Russian Central Bank Committee will create national payment system from scratch

The main idea is to create safe and independent from outer conditions payment system.

31.Jul.14 8:42 AM
By Mikhail Prygunov
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Russian Central Bank Committee will create national payment system from scratch

The idea of creating National payment system has become of great importance after Visa and Master Card has stopped servicing clients of several Russian banks following US sanctions. During preliminary meetings it was decided to make new JSC in charge of national payment system. This JSC will be regulated by Central Bank of Russian federation.

Central Bank expert committee decided to create new platform for national payment system from scratch. This information was provided by the Deputy Minister of Financial Market of State Duma Anatoly Aksakov. He also noted that this is the ultimate decision. No other discussions regarding this topic will ever take place.

Different innovative solutions and developments will be used for creating this payment system. At the same time developers will work out independent platform. It will deal with hosts’ connection as well as for creating its own products. Speaking about possible terms of creating national payment system Aksakov said that it will take one year to arrange operational clearing center. First cards will be issued within 18 month.

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