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Payment system rules and joining procedure
The payment system rules are the core document governing the relationship between the operator and its participants. The rules are published in the part concerning clients, together with the dispute resolution procedure.
Why this is published
This is not a company decision about transparency but a statutory requirement. Article 24 of the Law of the Kyrgyz Republic “On the Payment System” requires a payment system operator to make public those rules that concern clients and to include in them the procedure for resolving disputes and handling complaints. The tariff policy must at the same time provide open and equal access for participants.
The full text of the rules contains sections that concern participants only: technical regulations, exchange formats, settlement procedures. These are provided to a participant or an applicant on request, together with the draft contract.
Composition of the rules
The document consists of the following sections.
- general provisions, terms and definitions;
- the composition of participants, their rights and obligations;
- criteria and procedure for joining, suspending and terminating participation;
- the message exchange procedure and requirements for communication channels;
- the processing and clearing procedure: settlement cycle, cut-off time, production of clearing files and registers;
- how participating banks settle in money on the basis of the clearing documents;
- risk management and the procedure for contingency situations;
- information security and data protection requirements;
- the procedure for resolving disputes and handling complaints;
- participant tariffs and the procedure for changing them;
- the procedure for amending the rules and notifying participants.
Participant joining procedure
The sequence of stages is fixed; the timing of each is provided together with the draft contract.
Timing of each stage to be confirmed
- 01
Enquiry
The applicant sends an enquiry describing the intended types of transactions. In response it receives the composition of the rules, the technical documentation and the list of required documents.
- 02
Preliminary check of legal status
The applicant’s legal standing and its grounds for the intended activity are verified.
- 03
Compliance review
Constitutive documents, ownership structure and beneficial owners are reviewed, along with the applicant’s anti-money-laundering and counter-terrorist-financing procedures.
- 04
Technical check and test connection
The communication channel is set up; message formats and scenarios are verified in the test environment.
- 05
Signing the contract and acceding to the rules
The parties sign the contract; the participant accedes to the rules in their current revision in full.
- 06
Inclusion in the list of participants
The participant is added to the list and moved to the production environment.
Requirements for a participant
The exact list of requirements is fixed in the rules and in the technical documentation. Until it is confirmed, it is not published here.
- requirements for legal status and grounds of activity to be confirmed
- the list of documents to be provided to be confirmed
- technical requirements and exchange formats to be confirmed
- information security requirements to be confirmed
- participant tariffs to be confirmed
Dispute resolution procedure
The rules set out how disputes are resolved between participants and between a participant and the operator, as well as how client enquiries are handled.
If a dispute is not settled through the claim procedure, it is dealt with in the manner established by the legislation of the Kyrgyz Republic. A client — a payer or a merchant — files an enquiry following the procedure described on a separate page.
Enquiries, claims and disputes
Where to obtain the full text
The part of the rules concerning clients is published on this site and in the public offer. The full text with its annexes is provided to a participant or an applicant on request, together with the draft contract.
The current revision, the date of approval and the date of entry into force are stated in the document itself. The archive of revisions is published alongside the tariff archive.
Contact for requests: compliance@montra.kg
Amending the rules
Amendments are made in the manner provided by the rules themselves and are communicated to participants in advance. Amendments to the part concerning clients are published on this site before they take effect.