RESOLUTION OF BOARD OF CENTRAL BANK OF THE REPUBLIC OF UZBEKISTAN

of February 8, 2001 No. 4/9

About approval of the Regulations on conducting calculations between banks of the Republic of Uzbekistan for electronic payment system

Board of the Central bank of the Republic of Uzbekistan, having considered new edition of the Regulations on conducting calculations between banks of the Republic of Uzbekistan for electronic payment system of the Central bank of April 25, 1998 No. 399 (рег. No. 542 of November 19, 1998), decides:

1. Approve new edition of the Regulations on conducting calculations between banks of the Republic of Uzbekistan for electronic payment system.

2. To department of payment system and informatization (Umarov K. M.) to submit it within 10-day term for state registration in the Ministry of Justice of the Republic of Uzbekistan.

3. Consider invalid Regulations on conducting calculations between banks of the Republic of Uzbekistan for electronic payment system of the Central bank of April 25, 1998 No. 399 and the amendments to it registered by the Ministry of Justice on November 19, 1998 No. 542; On January 12, 2000 No. 542-1; On March 20, 2000 No. 542-2; On July 2, 2000 No. 542-3.

4. Impose control of execution of this resolution on the vice-chairman M. R. Zhumagaldiyev.

Approved by the Resolution of Board of the Central bank of the Republic of Uzbekistan of February 8, 2001 No. 4/9

Regulations on conducting calculations between banks of the Republic of Uzbekistan for electronic payment system

I. General provisions

1. This Provision is developed according to the Laws of the Republic of Uzbekistan "About the Central bank of the Republic of Uzbekistan", "About banks and banking activity", the principles of creation of systemically significant payment systems and regulates procedure for carrying out interbank calculations in all territory of the Republic of Uzbekistan for electronic payment system.

2. In this Provision the following basic concepts are used:

1) the Electronic Payment System (EPS) is the nation-wide payment service provider perfroming interbank calculations, founded on paperless technology and transfer of electronic information by means of e-mail of the Central bank of the Republic of Uzbekistan.

2) the Center of Calculations (CC) is department of management of financial accounting, the reporting and calculations of the Head Territorial Administration (HTA) of the Central bank of the Republic of Uzbekistan as which servicing of correspondent accounts of commercial banks and uninterrupted ensuring calculations between banks enters.

3) Correspondent account of bank (corresponding account) is account which opens to commercial bank in the Center of calculations of the Head territorial administrations of the Central bank of the Republic of Uzbekistan and is intended for carrying out interbank calculations.

4) the Electronic Payment Document (EPD) is document which is created based on primary cash settlement documents in the form established by the Central bank of the Republic of Uzbekistan, protected by the unique digital signature of bank initiator, marked "Electronically", is its exact copy and has legal force of the original provided that verification by the Central bank of the Republic of Uzbekistan of the digital signature and correctness of registration yielded positive result.

5) Bank initiator is the bank which began payment transaction.

6) Bank beneficiary is the bank which completed payment transaction.

7) the Initiated transaction - the payment is considered initiated and, therefore, not subject to cancellation after confirmation by the unique digital signature of bank initiator.

3. SEP performs the following functions:

a) acceleration of carrying out clearing settlements between banks of the Republic of Uzbekistan;

b) protection of the transferred electronic payment documents against unauthorized access;

c) compliance with laws and the rules regulating payment transactions.

4. SEP functions on the basis of the following principles:

a) lack of priorities of processing of transactions on any signs and fair and open access to participation in system;

b) practicalities from the point of view of users and cost efficiency of policy tools of payment;

c) managerial effectiveness system of accurate obligations by calculations;

d) initiation of transaction by bank initiator;

e) implementation of payments in case of compliance of turnovers and remaining balance of internal and external corresponding accounts;

e) impossibility to cancel the initiated transaction;

g) high degree of safety and operational reliability;

h) irrevocability of payment from the moment of confirmation by the unique digital signature of bank initiator and finality of payment from the moment of transfer of funds for correspondent account of bank beneficiary;

i) possibilities of provision of the means necessary for maintenance of liquidity of system during the day and timely completion of the initiated transactions in case of temporary shortage of means on correspondent accounts of commercial banks, based on the separate agreement signed between the Central bank of the Republic of Uzbekistan and commercial bank;

j) the organizations of exchange of payment documents in the form of production cycles of acceptance - control - transfer taking into account current demands;

k) lack of restriction for limiting transaction amounts, except for payments by the settlement checks of commercial banks issued to physical persons.

5. The electronic payment system is property of the Central bank of the Republic of Uzbekistan.

6. Participants of SEP are the Main Center of Informatization (MCI), the Territorial Centers of Informatization (TCI) and the Centers of calculations of the Central bank of the Republic of Uzbekistan.

7. The scheme of passing of electronic payments is given in the appendix N1.

8. Users of electronic payment system are the payment processing center, commercial banks and non-bank financial institutions (connection of non-bank financial institutions to SEP is provided in the future) which have correspondent accounts in the relevant territorial Center of calculations of the Central bank of the Republic of Uzbekistan.

9. The rights and obligations of participants and users of SEP are regulated by bilateral agreements of banks - users with the Center of calculations of GTU of the Central bank of the Republic of Uzbekistan - on opening and servicing of correspondent accounts, with GTsI (TTsI) - on carrying out calculations for electronic payment system of the Central bank of the Republic of Uzbekistan. The parties can sign agreements in the standard forms given in the appendices N2 and N3.

10. Responsibility for correctness of filling of the documents intended for transfer to SEP is born by the client of bank.

11. Responsibility for correctness of transfer, write-off and forming of electronic files of the payment documents transferred on processing in TTsI (GTsI) is assigned to bank initiator, and accepted with TTsI (GTsI) - to bank beneficiary.

12. Responsibility for safety of information transferred on electronic payment system timely and correct transfer and write-off of funds from correspondent accounts of banks, and also forming and sending confirmations about the accepted and processed EPD (including the reference to number EPD, transaction amount, date and time of completion of transaction), statements from correspondent account (intermediate and final) is assigned to GTsI and TTsI.

II. Procedure for connection of banks to SEP

13. For connection of bank to electronic payment system it shall be registered in the procedure established by the legislation in the Central bank of the Republic of Uzbekistan, have unique code in the National Information Base of Bank Depositors (NIBBD), have the corresponding program complex having possibility of exit in SEP.

14. The bank after receipt of the license of the Central bank of the Republic of Uzbekistan for implementation of banking activity shall address with the letter to Department of payment system and informatization of the Central Bank (traffic police and

I) about assignment to it unique code in NIBBD.

15. Before connection of bank to SEP experimental check of readiness of bank by carrying out several production cycles of acceptance - control - information transfer, by means of workers of GTsI is made.

16. The experiment is made in the following procedure:

1) based on the written message of Department of payment system and informatization of the Central Bank the department of NIBBD GTsI reserves unique code and details corresponding to it for bank and at the same time reports about it to bank and traffic police and And.

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