RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 24, 2023 No. 2023-P-14/34-4-(PS)

About approval of the Concept of development of System of bystry payments in the Kyrgyz Republic

For the purpose of development of digital payment infrastructure in the Kyrgyz Republic, increases in cashless payments, expansions of access of the population to financial services, being guided by Articles 5, 9 and 64 constitutional Laws of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic", the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Concept of development of System of bystry payments in the Kyrgyz Republic it (is applied).

2. To management of payment systems to publish this resolution and the Concept of development of System of bystry payments in the Kyrgyz Republic on the official website of National Bank of the Kyrgyz Republic.

3. This resolution becomes effective from the date of official publication.

4. To management of payment systems within 3 (three) working days to bring this resolution to the attention of operators of payment systems, commercial banks of the Kyrgyz Republic, OYuL "Union of Banks of Kyrgyzstan" and OYuL "Association of Operators of Payment Systems of the Kyrgyz Republic".

5. To department "Secretariat of Board" within 3 (three) working days to bring this resolution to the attention of structural divisions, regional managements and Representative office of National Bank of the Kyrgyz Republic in Batken Province.

6. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of payment systems.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of May 24, 2023 No. 2023-P-14/34-4-(PS)

The concept of development of System of bystry payments in the Kyrgyz Republic

I. Introduction

Now bystry development of digital technologies and gadgets, electronic commerce results in need of provision for consumers of convenient, bystry, profitable payment services on instant money transfer from the card on the card, from e-wallet on e-wallet or to carrying out payments for goods and services in trade and service companies, etc.

In 2022 the National Bank of the Kyrgyz Republic (further - National Bank) together with commercial banks and operators of payment systems / payment institutes completed actions for ensuring intersystem integration of payment systems (bank cards, e-wallets and mobile applications) with use of two-dimensional symbols of barcode (QR code) that allowed the population of the country to transfer money and/or to pay for goods/services in national currency in trade and service companies (further - TSP) with use of QR code by means of any mobile application of the bank or payment institute established on the mobile phone.

Creation of service of bystry payments provides possibility of its use by all participants of the market of payments: legal entities and physical persons, banks and the non-bank organizations, the state organizations and others from the point of view of satisfaction of demand for acceleration of payment processes and calculations.

Thanks to instant funds availability for the final receiver service for bystry payments increases turnover of money in economy. The maximum effect of use of service for bystry payments is reached due to ensuring its availability in all territory of the country.

For the purpose of further improvement of payment infrastructure in the country, increases in cashless payments the National Bank initiates creation of System of bystry payments (further - SBP) in the republic which will allow to carry out different types of payments through wide range of channels, will expand access of the population to financial services, will promote economic development of the country and in subsequent will allow to make also cross-border transfers.

In this Concept the brief summary of the operating interbank payment systems of the Kyrgyz Republic, the general provisions including architecture of SBP, the owner of SBP and determination of her participants, and also the main functional and technical requirements to SBP are provided.

II. Purpose and benefits of SBP

The purpose of creation of SBP in the Kyrgyz Republic is creation of the system and significant payment system allowing physical persons and/or legal entities to transfer in real time money from bank accounts on the single identifier regardless of in what commercial bank accounts of the sender or receiver of money are opened.

SBP benefits to the final consumer:

- simplicity and convenience in case of making payment on the identifier (as the identifier there can be number of the mobile phone, QR code, INN, etc.);

- availability of service in the 24/7/365 mode;

- reduction of prices of transfer and payment commissions;

- instant transfer of money to the receiver;

- possibility of receipt of information on execution right after transfer of money in online mode.

SBP benefits to business entities:

- speed of money turnover;

- cost reduction on collection of cash;

- cost reduction on carrying out payments;

- new services and opportunities for simplification of internal processes.

SBP benefits to commercial banks:

- increase in transactional turnovers and average balances on customer accounts;

- opportunities for development of new banking products;

- cost reduction on cash turnover infrastructure.

Benefits to the state:

- increase in taxable basis due to opening of settlement accounts in banks business entities;

- decrease in shadow economy;

- increase in revenues of the budget due to increase in taxable basis.

III. Brief summary of interbank payment systems of the Kyrgyz Republic

Now in the Kyrgyz Republic the following interbank payment systems function: Grossovy settlement system in real time (GSRRV), System of package clearing of small and retail payments (joint project company), National payment service provider of calculations Elkart (Table 1).

Table 1: Interbank payment systems

System of large payments	Retail payment systems
Grossovy settlement system in real time (GSRRV)	System of package clearing of small and retail payments (joint project company)	National payment system of calculations Elkart
1. 23 banks are connected all; 2. Registers due and large payments (more than 1 million som), and also provides payment under transactions in the financial markets in real time; 3. For exchange of messages the MT format is used, the format of exchange of messages MX in ISO 20022 is also provided; 4. The system was implemented in 2008, modernized in 2019.	1. 22 banks are connected (from 23); 2. Will see not urgent small (to 1 million som) and regular retail payments; 3. Uses format of exchange of messages MT, and also the format of exchange of messages MX in ISO 20022 is provided; 4. Calculation of net line items is perfromed on the same day; 5. Final settlements are carried out in the GSRRV system; 6. The system was implemented in 2006, modernized in 2021.	1. 21 banks are connected (from 23) from which 5 banks are connected to the Elkart system by means of connection H2H; 2. On the Elkart cards bystry money transfer is realized; 3. For exchange of messages in system the ISO8583 format is used; 4. Calculation of net line items is perfromed on the same day; 5. Final settlements are carried out in the GSRRV system; 6. The system was implemented in 2006, modernized in 2021-2022. 7. In 2022 actions for intersystem integration of payment systems (bank cards, electronic money) with use of QR codes based on the Operator of Interaction) project are complete.

Table 2: Quantity and amounts of transactions through the operating interbank payment systems in 2022

GSRRV	2022.
Amount of payments (one billion som)	10 315,1
Number of payments (one million)	0,732
JOINT PROJECT COMPANY
Amount of payments (one billion som)	256,6
Number of payments (one million)	8,025
Elkart
Amount of payments (one billion som)	354,01
Number of payments (one million)	87,9
Number of payment cards (one million)	3,011

In the Kyrgyz Republic 2 operators of interaction for carrying out payments and transfers in non-cash form with use of two-dimensional symbols of barcode are registered (QR code). As of April 1, 2023 20 banks (from 23) and five operators of payment systems / the payment institutes having mobile applications brought the QR codes of accord compliance with the National standard of two-dimensional symbols of barcode for implementation of financial payments of KMC 1348:2019, the approved order of the Center for standardization and metrology under the Ministry of Economics of the Kyrgyz Republic of April 15, 2019 18-ST, and were connected to the operator of the interaction which is also the operator of national payment service provider "Elkart".

As of April 1, 2023 banks and payment institutes establish more than 10159 QR codes in TSP. From May, 2022 to April 1, 2023 through system of the operator of interaction there passed more than 50 thousand payments on the amount 103, 3 million som, from them payment for the state services constituted 9,4 of one thousand payments on the amount 13, of 6 million som.

IV. General description and architecture of SBP

SBP provides carrying out payments, calculations, transfers on accounts of physical persons and legal entities, the individual entrepreneurs (IE), the commercial banks of the Kyrgyz Republic opened in all.

The system also assumes integration with similar systems быстрых / instant payments of other countries, including EEU member countries in currencies of these countries for the purpose of providing the most convenient instruments of carrying out payments and transfers of migrants, and also conducting export-import transactions between business entities.

The National Bank establishes basic provisions and general requirements to functioning of SBP, her participants, regulations of work, and also interaction with GSRRV, finality of calculations, dispute settlement, etc. in the corresponding regulatory legal acts.

The National Bank will be the owner of SBP.

Commercial banks which correspondent accounts are opened in National Bank will be working interest owners of SBP. The non-bank organizations can be connected to SBP through working interest owners (indirect participants / subparticipants).

State bodies will be connected to system after completion of pilot testing with commercial banks.

Figure 1. Architecture of SBP (general scheme)

 

The SBP main modules (Fig. 1) include:

The communication module - provides exchange of messages with participants in SBP and external systems (GSRRV, etc.);

Safety module (digital signature, accesses for users, etc.);

The processing module - management of limits, payment processing, etc.;

The module of the database and reporting - data storage about transactions, reference books, etc., and also report generation.

Other modules depending on functional requirements to system can be also provided in SBP.

Main principles / regulations of work of SBP:

- The working schedule - round the clock 24x7x365;

- Use of the single identifier (number mobile phone/QR-code);

- Liquidity management:

- SBP participating banks reserve/block money (limits) on correspondent account to the GSRRV system for carrying out own payments and payments of their clients, and all calculations are perfromed within predefined limits in SBP;

- Payments/a transfer of clients of banks are made only in the presence of sufficient means on their accounts;

- The amount of limits (the reserved/blocked means on correspondent accounts in GSRRV) is reflected in internal accounts of participating banks in the SBP system, and all calculations in SBP are perfromed within the set limits;

- The management of limits - SBP notifies participants in case of achievement of the established level of limits and denies payment in case of exceeding of limit;

- Final settlement on SBP is perfromed in GSRRV (the offered time to 17.00);

- Access for clients/payers to system - through mobile application of participants of SBP;

- The payment is carried out from the initiation moment until receipt of funds on the account of the receiver less than in 10 seconds;

- The payment directed by the payer to SBP is irrevocable and final at the time of receipt of the notification from system/bank on making payment;

- The final receiver can use means directly.

Support of the following transaction types in SBP (in case of step-by-step implementation, if necessary):

- at the first stage are assumed:

- transfers between physical persons;

- transfers between the accounts in different banks;

- payments of physical persons to legal entities for goods and services;

- payments of physical persons for the state services, including taxes and penalties;

- payment of transport, utility and other services by physical persons;

- at the second stage:

- returns of means from legal entities to physical persons;

- transfers/payments between legal entities (individual entrepreneurs), etc.;

- at the third stage:

- carrying out payments and different currencies within integration between the SBP systems into EEU.

The main functional and technical requirements to SBP are provided in Sections VI and VII, stages of project implementation of SBP - in the Section VIII of this Concept.

Figure 2. General scheme of interaction of participants of SBP

 

The owner of SBP (National Bank) - determines rules SBP, including connection of participants, controls execution of rules, will organize management systems participants, liquidity, risks, the commissions, etc.

The operator of SBP provides:

- technical connection and access for participants to services, performs collection, processing of transactions according to rules SBP, forming of files of net line items, interacts with GSRRV, etc.;

- maintenance of system 24/7/365 and technical support.

The operator of GSRRV (National Bank) perfroms final settlements between participants on transactions in SBP in GSRRV, creates messages on debiting/crediting of the correspondent accounts of participants opened in National Bank and sends to participants according to the established requirements of National Bank.

Working interest owners of System - commercial banks, state bodies, etc., having the account in GSRRV.

Indirect participants / subparticipants are operators of payment systems / payment institutes, other state, financial and non-bank organizations, have no accounts in GSRRV and are connected to system through working interest owners.

Figure 3. The scheme of carrying out payments in SBP

 

Process of carrying out payments in SBP (Fig. 3) following:

- The payer (sender) makes payment or transfer through mobile appendix / Internet banking of the bank.

- Payer bank (sender) checks the payer's details, sufficiency of means on its account, etc. and in case of positive result notifies on acceptance of payment to execution.

- In case of insufficiency of means on the account or discrepancies to details, the participating bank denies payment and sends the adequate notice to the payer's address.

- In that case when check takes place successfully, the payer bank redirects request to SBP. SBP sends the message to payee bank with the requirement of authorization. The payee bank performs account check of the receiver of payment. If the result negative, to the payer goes the adequate notice.

- If the result positive, payee bank sends the message to SBP containing confirmation about authorization.

- SBP checks sufficiency of means within limit of participating bank, blocks means on the account of participating bank in the amount of, equal to payment amount, and sends confirmation about its acceptance to processing in payer bank.

- In case of exceeding of limit the payment is not registered also to the payer and payer bank the adequate notice automatically goes.

- After receipt of the message with confirmation of authorization and if the payment amount does not exceed the set limit, SBP automatically performs write-off and transfer of money on bank accounts of the sender and receiver, and also sends information on carrying out transaction on write-off/transfer of money to payer bank and bank to the receiver.

- The bank-receive sends the notification to the client receiver about transfer to it money.

- If the balance of the internal account of the participant of SBP falls below the set limit, the system sends the warning to the participant with information on exceeding of lower limit on the account. The participant can fill up reserve by money transfer from correspondent account from GSRRV into the internal account in SBP or payments exceeding the set upper limit of limit SBP will be rejected.

- SBP on completion of operational day / cycle sends the file with remaining balance of limits on internal accounts to GSRRV for accounting them on correspondent accounts of banks in GSRRV.

- In SBP non-financial (information) messages between participants and users of system can be created.

V. Risks of SBP and management of them

During creation and functioning of SBP the risks inherent in retail payment systems which are capable to break timeliness of calculations and uninterruptedness of functioning of payment system will be considered. Risk management methods in SBP will be established by regulatory legal acts of National Bank, and also to be provided the corresponding mechanisms on risk management in the system.

VI. Main functional requirements to SBP

This Concept determines the following main functional requirements to system:

a) Participants of system and multi-level access

The financial and credit, non-bank organizations, public institutions, etc. can be participants of SBP that will allow to provide availability of SBP over all country.

As not all participants have correspondent accounts in National Bank and access to GSRRV for finality of calculations, availability of the different access level and roles which can be appointed by National Bank at different stages of implementation and development of system for different participants, and also for carrying out final settlements in GSRRV shall be provided in system.

At stage of creation of system access to SBP will be had by working interest owners - commercial banks. Indirect participants / subparticipants - the non-bank organizations, etc. will be connected to system through working interest owners.

The Central Treasury under the Ministry of Finance of the Kyrgyz Republic (the Central Committee of MF KR) and state bodies will be connected to SBP at the second stage.

Participant of SBP	Access to SBP	Account availability in GSRRV	Account availability in SBP
1 stage
Commercial bank	Working interest owner	+	+
Operators of payment systems / payment institutes	Indirect (subparticipant)	- (through the settlement account opened in CB)	+
Other financial and non-bank organizations	Indirect (subparticipant)	- (through the account opened in CB)	+
Suppliers of goods/services	Indirect (subparticipant)	- (through the settlement account opened in CB)	+
2 stage
CENTRAL COMMITTEE OF MF OF THE KR	Working interest owner	+	+
State bodies	Indirect (subparticipant)	- (through the account of the Central Committee of MF KR)	+

Commercial banks in case of connection indirect / subparticipants shall have possibility of establishment of limits for each account of the subparticipant and/or other mechanisms for decrease in risks.

SBP shall provide access to the central infrastructure via API interfaces.

b) Final settlements and liquidity management

SBP shall be integrated with GSRRV. The system shall have opportunity to carry out final settlements on correspondent accounts to GSRRV in National Bank with certain regularity (several times during the operational day of GSRRV), on the basis of the calculated multilateral net line items (i.e. the option of the postponed calculation for net line items is chosen). The procedure and frequency of carrying out calculations for SBP in GSRRV will are established in regulatory legal acts of National Bank.

Opportunity to set intervals of forming of files of net line items depending on the working schedule GSRRV in the automatic mode, and also, if necessary possibility of creation of the file at any moment shall be provided in SBP.

In SBP all account transfers between bank accounts of senders and receivers happen within certain and in advance reserved (blocked) money (limits). The specified money in national currency is reserved in advance blocked) or commercial banks on correspondent accounts in National Bank or the SBP system.

The system shall have mechanisms of replenishment of reserves from participants in case of shortage of the reserved means or when the level of use of means reaches certain threshold value of the reserved means.

In case of untimely replenishment of reserves and shortage of the money reserved for SBP at commercial bank, transfers and payments on SBP of clients of this commercial bank will be rejected by system and not to be carried out, with display of the corresponding information message to the client of commercial bank and the direction of the adequate notice to commercial bank if other is not established by regulatory legal acts of National Bank (for example, possibility of use of insurance (reserve) fund for interbank systems of retail payments, etc.).

As SBP shall work round the clock and without days off, and GSRRV works according to other regulations, liquidity management when GSRRV does not work, is important function in system (monitoring of level of liquidity, the notification, etc.).

When processing transactions of SBP shall check that the specified limit of debit net line item was observed in any separately taken timepoint. If any transaction can lead to violation of limit, such transaction shall be declined with the adequate notice of the participant.

Besides, SBP shall inform the participant that the level of use of means reached certain threshold value (for example, 60% or 75% (at the discretion of the operator of system). Participants also shall have opportunity to request information on the current level of use of means (having sent inquiry to system directly, via the panel of the participant or by means of the established request).

c) Standards of exchange of messages in SBP

Exchange of any messages between participants and the central infrastructure shall be performed according to the ISO20022 standard.

For participants who cannot create the message ISO20022 independently can temporarily use service of converting of messages from the MT format in the MX ISO20022 format with the subsequent completion of the system for sending messages in the ISO20022 format in the terms established by National Bank.

d) Transaction types and the accounts which SBP (the Table 3) shall support

SBP shall support the following categories of payments:

- from physical person to physical person - P2P;

- transfers between the accounts in different banks - Me2Me;

- from physical person to legal entities for goods and services - P2B;

- from physical person to state body - P2G (payments for the state services, including taxes and penalties);

- from state body to physical person - G2P;

- from the legal entity to state body - B2G;

- from the legal entity to the legal entity - B2B;

- from the legal entity to physical person - B2P;

- from state body to the legal entity - G2B.

Table 3. Transaction types

Sender		Receiver
		Physical. person/client	Business	State agency
	Natural person/client	1. Transfers of P2P 2. Transfers of Me2Me	1. Commercial payments 2. Payments within electronic trading 3. Regular payments 4. Requests for carrying out payments	1. Tax payments 2. Sales charges for services 3. Customs payments 4. Insurance premiums
	Business	1. Salary payment 2. Payment of compensations	1. Payment to suppliers 2. Payment on invoices on payment	1. Tax payments 2. Sales charges for services 3. Customs payments 4. Insurance premiums
	State agency	1. Salary payment 2. Payment of social benefits 3. Return of tax payments	1. Return of tax payments 2. Other business payments	1. Money transfer between departments 2. Money transfer in the subordinated organizations

e) Channels of carrying out payments

Participants shall realize API interfaces for participation in the SBP system.

Participants shall have opportunity to initiate bystry payments via different channels which they offer the clients: QR codes (static and dynamic), Internet banking, mobile banking, etc., ATMs, departments, etc. (the choice depends on organizations). In SPB (in messages) there shall be opportunity to specify the channel on which transaction that this information could be used in the future for the analysis and other purposes is initiated.

The QR codes used in SBP shall conform to the National KMC 1348:2019, standard approved by the order of the Center for standardization and metrology under the Ministry of Economics of the Kyrgyz Republic of 15.04.2019 18 Sr.

f) Identifiers

SBP shall allow to transfer money between bank accounts of clients of commercial banks with use of different identifiers:

- number of the mobile phone;

- QR code;

- bank account number;

- number of bank card, etc.

As the main identifier use of number of the mobile phone and/or QR code which is tied up to the relevant data of bank and account number which shall be stored on a centralized basis in SBP that will allow to compare them with account number by means of exchange of messages is offered. The possibility of updating of this information on the address of clients by means of the corresponding messages is necessary.

Use of these identifiers can entail expenses of commercial banks, the Central Committee of MF KR on completion of internal systems (ABS, etc.).

g) Multivalyutnost

The National Bank participates in the working groups on integration of national payment systems, and also in actions for carrying out cross-border payments and payments in national currency. In this regard in SBP the possibility of work with several currencies and their converting shall be provided in national currency and extend to all elements of system, including forming of files of net line items, liquidity management, measures for risk management, limits of transactions, calculation of the commissions, reports, etc. (will be implemented at the second stage).

h) Management of disputes (refusal, return, etc.)

The payments and transfers initiated in SBP are considered irrevocable and final. However in system there shall be possibility of sending the message on return of means on the basis of the corresponding rules established by National Bank in regulatory legal acts.

The dispute settlement system and the procedure of their permission which will allow to set period of time when it is possible to initiate dispute, dispute resolution time, information flow between the participating organizations, transactions which shall be executed after the dispute resolution, etc. shall be provided in SBP. All participants shall have opportunity to trace the status of consideration of dispute in system.

i) Reporting

The possibility of forming of different forms of the reporting both for the current management, and for the further analysis of SBP for the purpose of its improvement shall be provided in SBP.

The system shall generate the necessary reporting and for participants, allowing to receive detailed data on its transactions, different reports for reconciliation of transactions, data on remaining balance, etc. It is necessary that in system it was possible to set the schedule of preparation of different reports for different participants that necessary reports were generated automatically through the planned periods. SBP shall provide possibility of the organization of reports in the corresponding folders for participants that they could take automatically reports by means of manual or automatic mechanisms of file transfer.

VII. Technical requirements to SBP

1. Architecture of appendix

The architecture of SBP shall be scaleable, have modular structure and to be implemented as the separate independent module, for possible subsequent transfer of SBP to the third party on outsourcing.

SBP shall be integrated with GSRRV (i.e. to provide automatic and "seamless" integration with GSRRV) and the Automated Ledger (L) system of National Bank for carrying out final settlements.

Banks and service providers will independently be responsible for connection to the main software solution of SBP and for provision to the clients of products and services whom clients can use directly, through proprietary mobile applications or appendices offered by the operator of national payment service provider "Elkart".

2. Working platforms and ensuring availability of system

SBP shall function round the clock without days off in the 24/7/365 mode that will demand creation of the corresponding infrastructure which includes the following:

1. The capital and reserve equipment for expansion of system, at the same time placement of the capital and reserve equipment shall meet the requirements of fault tolerance and remoteness from each other;

2. The accompanying equipment intended for ensuring smooth functioning of system (on information security, the reporting, etc.);

3. Providing system with the communication channels meeting safety requirements.

Besides, ensuring functioning of SBP will require qualified personnel for monitoring and maintenance, and also their training.

SBP will function on two platforms: main and reserve platform.

Scenario 1: SBP on both platforms is organized according to the scheme "active/active" when processing of transactions happens in parallel on both platforms.

Scenario 2: SBP on both platforms is organized according to the scheme "active/reserve" when processing of transactions happens on the active platform, however the possibility of almost instant switching to the reserve platform is provided.

SBP shall provide high reliability that failure of any component / server used in system did not lead to the fact that SBP will not be able to perform the functions. Switching to stand-by capacities shall be automatic and not be followed by loss of data and time. Besides, it is necessary to provide possibility of routine maintenance of system without its shutdown.

The target indicator of availability shall constitute % 99,99.

3. Performance of system

The system shall perform instant carrying out payments. Waiting time of the user during which the system carries out all stages of process shall not exceed 10 seconds, with possibility of reducing waiting time to 3 seconds. At the initial stage the quantity and amounts of transactions will be small as banks will be connected to system gradually (In table 2. annual data on the operating interbank payment systems are provided). In this regard it is necessary to provide gradual growth in volumes of transactions and handling capacity of SBP. It is expected that a rush hours the amount of processing of transactions can increase up to 110 transactions per second and more.

SBP shall be mashtabiruyemy.

The system shall be ready to further expansion and provide possibility of connection of third-party services by means of API and other locks. In case of expansion of infrastructure hardware and the software without any additional changes shall have possibility of building-up of performance.

4. Data storage

Data on transactions shall be available online within 3 (three) years, without influencing performance of system and time of response. On the expiration of 3 (three) years data can be archived in long-term/separate archive.

5. Fault tolerance and continuity of system operation

SBP shall provide:

- % 99,99 availability of system;

- maintenance or updating of system without the need for system operation suspension;

- emergency recovery on case of contingencies with possibility of synchronous system operation on several (2) computing capacities (reserve) in real time suffice.

In addition SBP shall have the corresponding protection against program failures and problems of communication for ensuring uninterruptedness of work.

6. Information security of system

SBP shall:

- include safety subsystem the implementing authorization and identification of users, their functional role in system, and also the protection against cyberthreats consisting of hardware-software, cryptographic and technical means of protection;

- include monitoring system and prevention of fraudulent transactions (Antifrod);

- to be connected to monitoring systems of information security and the analysis of threats.

VIII. Main stages of realization of SBP

№	Action *	Start date *	End date *
	1 stage	II sq. 2023.	II sq. 2025.
1	Creation of working/project team for project implementation of SBP	II sq. 2023.	III sq. 2023.
2	Development of functional and technical requirements / specifications / design of SBP	II sq. 2023.	IV sq. 2023.
3	Choice of technological framework of SBP and purchase of system	IV sq. 2023.	I sq. 2024.
4	Study of the main legal and regulatory issues on the SBP project, development/modification of regulatory legal acts of the Kyrgyz Republic	III sq. 2023.	IV sq. 2023.
5	Implementation of system (testing, trial operation with participation of pilot banks) with basic functionality	I sq. 2024.	III sq. 2024.
6	Completion of internal systems of working interest owners (ABS, etc.), API testing, etc.	I-II sq. 2024.	IV sq. 2024.
	2 stage	IV sq. 2024.	IV sq. 2025.
7	Input in commercial operation and connection of commercial banks and other participants / subparticipants	IV sq. 2024.	II sq. 2025.
8	Holding actions for cross-border payments and payments in national currency (testing, participation of pilot banks, etc.)	I sq. 2025.	III sq. 2025.
9	Enhancement of SBP and expansion of functionality (transfers of legal entities, multivalyutnost, etc.)	II sq. 2025.	IV sq. 2025.

(*) If necessary changes after development and approval of the project implementation plan of the supplier of system can be made to terms and actions.

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