Issue of CIS Unified Calculating-Payment System Still Outstanding

Business Materials 26 October 2008 14:07 (UTC +04:00)

Azerbaijan, Baku, 26 October/ Trend , corr N. Ismayilova/ Re-comprehension of positions and development of an array of legislative initiatives are needed to set up efficient calculating and payment system in CIS space, Sergey Pisarik, deputy director of ASB Belarusbank said in the international conference of CIS participating states in Baku.

"A political will is required to expand tasks we set for ourselves. At the first stage, we propose to review a number of issues on different payments," he said.

Cards of international money transfer systems, in particular Visa and Matercard prevail in CIS, he added.

"I consider this proposal to be wrong and today we are working hard to promote national payment systems," Pisarik said.

In September, representatives of the Central Bank of Russia, National Bank of Belarus and ASB Belarusbank met with the experts of national payments systems of the two countries and discussed entrance of payments cards to Russian and Belarus markets on common basis.

"Integration process will be carried out on the basis of unified standards and new players can be involved in future if this is suitable for them. Expert group will already be set up by November," he said.

Elmar Sadigov, director general of Azericard processing center proposed to create unified payment system in CIS which will allow reducing brokerage in domestic markets.

"We held talks with the Russian Central Bank and UralSibom, but the issue is still outstanding since banks did not want to do this on the basis of Visa and Mastercard. Because of the diaspora in Russia the unification of payment systems is suitable for both UralSiba and International Bank of Azerbaijan, which is the complete solution of legal matter".

He proposed to discuss this issue in Financial-Banking Council of CIS which gained support of its management. The Council proposed to set up a working group which will be led by Azericard director.

Yersevik Siyrbayev, deputy director of Kazpochta said the process of creating national card system has been lasting in Kazakhstan over 10 years despite adoption of many legal regulations.

"There are no results yet and there is no expected to be one soon," Siyrbayev said.

Kazpocta is a member of Visa internationals payment system and it is going to complete certification of Mastercard soon.

Azericard offers its services to 28 issuers with 6 of them accounting for abroad. The company is subsidiary of International Bank of Azerbaijan.