BAKU, Azerbaijan, Aug. 28
By Nargiz Sadikhova - Trend:
Kazakhstan’s National Bank has introduced a new mechanism to use cashless payments to implement real estate transactions, Trend reports with reference to the National Bank.
The mechanism oversees implementation of transactions with real estate using single service by automating the exchange of information between the bank, notary and the registering authority.
With this in mind, necessary legal and technical conditions have been created, integration has been carried out between the banking information system and the Unified Notary Information System for electronic interaction.
Conducting a real estate transaction in a non-cash form is an additional option and is provided on a voluntary basis. The money become available to the seller of real estate immediately after receiving confirmation from the registering authority on the completion of the transaction.
In addition, this approach significantly increases the security of settlements for large transactions, reduces the risk of fraud or loss of money when paying in cash on the real estate market.
Expansion of cashless payments in the real estate segment meets the government's objectives to reduce the shadow economy, and also allows banks to increase customer satisfaction with new services.
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