The Bank of Russia has added the Association of Payment Agents to its register of self-regulatory organizations (SROs) in the financial market. This marks the introduction of a self-regulation model for payment agents, which is already used in other areas of the financial sector.
According to the Bank of Russia, “The self-regulation model, which is successful in the financial market, now applies to payment agents, helping them adjust to changes, introduce the best practices, including through standardisation, and monitor compliance with them.”
From now on, all payment acceptance operators listed in the relevant register maintained by the Bank of Russia are required by law to join an SRO within 90 days. If they do not comply within this period, they must stop their payment acceptance operations. The Bank notes that there are currently more than 600 such operators registered.
These operators provide services allowing people to pay for goods, housing and utility services, communications, television and other services at cash desks and payment terminals.
