Changes in the procedure for making interbank payments

In accordance with the laws "On the Central Bank of the Republic of Uzbekistan" and "On electronic payments", the Central Bank's Board decree made changes and additions to the Regulation on the procedure for making electronic payments through the interbank payment system of the regulator, the Norma.uz portal reports.

In particular, the provision was supplemented by Chapter VII "Features of the continuous implementation of interbank payments".

The Central Bank provides technical, software and operational services for the continuous operation of the Interbank Payment System on a contractual basis.

To connect to the Fast Payment System, banks must contact the Central Information Center of the Central Bank and comply with information security requirements. Each electronic payment is protected by an EDS key.

The fast payment system works online 24/7, seven days a week. The payment limit is determined based on the balance on the representative accounts of banks with the Central Bank. Banks are obliged to ensure liquidity of funds in accounts for the continuity of payments.

Clearing sessions are held in the Fast Payment System in accordance with the established procedure. To provide services to bank clients on their payment orders remotely 24/7, there must be sufficient funds on the accounts to process payments.

Payment is carried out only after confirmation by data from the Fast Settlement System, and until that moment the amount of the payment order is reserved on the payer's account.

At the end of each clearing session, the banks' net positions are determined. Data on balances are sent to the Central Bank Settlement Center to summarize the final settlements on bank accounts.