Digital technologies, firmly established in the Russian financial system, will soon emerge from the mode of free swimming and get a share of the legal regulatory burden. Not very serious and is very useful for Russia, where he currently holds about 40 thousand various payment aggregators, and payment process of translation involved the bulk of foreign payment application, which in its activity shall be guided by the rules of the countries where they are registered. The law, introducing regulatory mechanisms and protect the Russian payment system of foreign intervention, was adopted by the state Duma in the third reading on June 25.

Work with money — to observe Russian laws

Today more and more Russian banks provide their clients the possibility to pay using payment apps like Apple Pay, Samsung Pay, Pay Mir. It’s convenient, but, as explained by the Chairman of the Duma Committee on financial market Anatoly Aksakov, technologies carry risks, including from foreign suppliers. The situation is that, on the one hand, payment applications become part of the architecture of the payment system of Russia, and on the other their liability to the banks and the Russian citizens has not been fully determined.

The MP is convinced that the time has come to ensure the safety of use of these services, for which it is proposed to introduce regulation of the activities of providers of electronic services. “Many of us actively use the services of these applications, and in light of the fact that the suppliers they are foreign States, the law establishes requirements for maintaining the list of such organizations and claims about the order of interaction with the Russian banks,” — said the MP.

This law provides for disclosure to the Bank of Russia of information on vendors of payment applications that will improve the effectiveness of the assessment systems implemented by banks and risk management procedures.

The Commission will not grow

The adopted law will also help infrastructure development of acquiring (payment by plastic cards — approx. ed.) and increasing its availability for enterprises of small and average business. In this part it is proposed to regulate billing aggregators — companies that connect and provide online card payments for merchants.

“Today, all transactions with Bank cards are using a payment aggregator, which transfer funds to a Bank account. This process is not regulated, so to protect the rights of clients and ensure continuity of payments the law establishes that these aggregators should work according to the rules of banking agents,” — said Aksakov.

In accordance with these requirements aggregators will now have to enter into contracts with banks-partners, as well as with merchants on behalf of credit institutions, to identify legal entities and individual entrepreneurs when applying for services and to comply with the requirements of information security.

The act also requires banks to notify the regulator about the beginning of the use of such systems, to provide data on the application providers and to verify their compliance with the rules of information security requirements Centrobanca. In accordance with the requirements of the Central Bank, credit institutions will not be allowed to give operators easy access to passwords, codes and analogues of a handwritten signature of customers.

By the way, introducing the document in the first reading, Anatoly Aksakov has ruled out the increase in fees payment application in connection with the introduction of the regulations, explaining that the market is “pretty stiff competition, so we can hardly expect a sharp rise in the growth of commissions”.

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