National Bank of Belarus adjusts operation of instant payment system

The National Bank of Belarus has adjusted the procedure for organizing the system of instant payments. This is provided by the Decision of the National Bank № 354 of September 20, 2022, which approved the rules of the instant payment system, reports the national legal Internet portal.

The rules determine the organization and operation of the system of instant payments, as well as the implementation of domestic and cross-border instant payments.

These rules shall be followed by banks, non-bank financial institutions established and registered in accordance with the Belarusian legislation, Development Bank of the Republic of Belarus, the National Bank, foreign banks, intermediary banks, which participate in the BISS system;

The instant payment system is used by banks to enable them to carry out intra-country and cross-border instant payments of customers - natural persons in favor of natural persons by initiative of a payer with the use of information support service of instant and cross-border instant payments.

At that, the National Bank was entrusted with the functions of the instant payment system operator and the payment system's settlement center for cross-border instant payments effected by the system member banks. The main provisions of the decision shall enter into force after its official publication.