The National Bank, by Resolution No. 20 of its Board dated January 26, has amended the Rules for Conducting Electronic Money Transactions. The changes will enter into force after the resolution is officially published.
As reported by the National Bank’s press service, the amendments clarify issues related to interaction between the issuer of electronic money and agents involved in its distribution, as well as between agents and holders of electronic money.
“In order to reduce payment risks, it is предусмотрено that an agent who has received electronic money from an issuer with deferred payment may distribute electronic money to holders only after receiving funds from the holders.
If an agent has transferred funds to the issuer in advance for electronic money obtained for distribution, the agent is entitled to distribute electronic money to holders on deferred payment terms. At the same time, the Rules establish a maximum amount (12 base units) for which an agent that is not a financial organization may transfer electronic money to a holder on deferred payment terms,” the press service explained.
The resolution also уточняет issues related to the accounting of electronic money transactions, the accrual of interest on balances of funds received by the issuer during electronic money issuance, interaction between electronic money providers during distribution with simultaneous redemption, and introduces other changes.
Agreements between payment service providers and users concluded before the resolution enters into force must be brought into compliance with the updated rules within three months.