The Bank of Russia is advancing its regulation of payment agent operations, requiring compliance with two basic standards. These standards will be developed by self-regulatory organizations (SROs) for payment acceptance operators.
According to the Bank of Russia ordinance, one standard will address payment agent operations within the financial market. The other will focus on protecting the rights and interests of service receivers. This ordinance aims to supplement existing statutory requirements for payment agent operation procedures. Additionally, SROs may create internal standards at their discretion to ensure quality service from their members.
Per the law on payment agents, all operators must be registered with the Bank of Russia. Currently, the register lists over 560 members. Special SROs are being formed in the payment services market.
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