Amount of transactions through clearing settlement in Uzbekistan increases by 1.7 times

Finance Materials 8 May 2019 15:30 (UTC +04:00)

Baku, Azerbaijan, May 8

By Fakhri Vakilov – Trend:

The number of active clients of National Information Database of Bank Depositors of Uzbekistan in April 2019 increased by 6.1 percent, and this figure continues to grow, Trend reports with reference to the report of the Central Bank of Uzbekistan on May 8.

This grow was achieved thanks to the full automation of the process, as the payments became timely and more reliable.

“In the first quarter of 2019, the number of payment documents decreased by 8.5 percent, while the total amount of payments increased by 25.6 percent compared to the same period last year” reads the message. This can be explained by the fact that retail payments of the population have become more frequent through the clearing settlement system.

Clearing is a non-cash settlement system, according to which banks transfer only a net balance to each other within a day or other period of time. It allows to reduce document circulation, accelerate calculations and reduce the costs.

Presently, more than 30 types of services are paid in real time thanks to clearing, and the number of organizations and departments interested in this system is increasing. Over the year, the amount of transactions through clearing settlement increased 1.7 times.

The three main recipients of the transfers through this system are the Treasury of Uzbekistan (27.9 percent), Uztransgaz (19.3 percent) and Uzbekenergo (14.0 percent).

The scope of services provided through remote maintenance is also expanding. Mobile customers make it easier to work with payments, and this makes banks more attractive in the eyes of the population. Since January, the number of users of remote services has increased by 117.7 percent.

This process is carried out alongside issuance of bank cards and establishment of the associated infrastructure. Commercial banks were provided with plastic HUMO cards as well as the terminals to be installed in hotels, supermarkets, catering facilities, pharmacies and other places.

Starting this month, there will be mass issue of bank cards of the contactless HUMO payment system in Tashkent. In other regions, their release will take place gradually, as the payment infrastructure appears.


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