Visa payment system assessed

The Bank of Russia, in accordance with Federal Law No. 161-FZ, dated 27 June 2011, ‘On the National Payment System’, has completed its assessment of Visa, a socially important payment system.

The assessment sought to confirm the payment system’s compliance with the international standard ‘Principles for Financial Market Infrastructures’ (hereinafter, the Principles) developed by the Committee on Payments and Market Infrastructures of the Bank for International Settlements and the International Organisation of Securities Commissions. The Bank of Russia recommends that systematically and socially important payment systems observe this standard.

The assessment was meant to affirm that Visa meets the standard based on the Bank of Russia methodology as applicable for assessment of socially important payment systems.

The findings reveal that Visa is at an advanced level of compliance with the Principles. The assessment found no realisations of principles qualified as ‘in partial compliance’ or ‘incompliant’.

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