Payment agent operation standards: Bank of Russia requirements
The Bank of Russia enhances the regulation of payment agent operations. They should be compliant with two basic standards to be prepared by self-regulatory organisations (SROs) of payment acceptance operators.
Requirements for the content of these standards are specified in the Bank of Russia ordinance.
One of the above statutory standards is supposed to cover payment agent operations in the financial market. The other will be related to the rights and interests of receivers of these services. The Bank of Russia ordinance is intended to supplement applicable statutory requirements for the payment agent operation procedure. In addition, SROs will be able to develop other (internal) standards at their discretion to ensure quality service by their members.
According to the law on payment agents, all payment acceptance operators should be recorded in the relevant register kept by the Bank of Russia. At the moment, the register contains information on more than 560 members. Special SROs are being established in the payment services market.