The national system of payment cards of the Russian Federation was established on the basis of Federal Law No. 112 of May 5, 2014. The purpose of its formation is to ensure the availability, efficiency and continuity of the provision of services related to the transfer of funds. Let us further consider how the national payment card system of the Russian Federation operates.
History reference
The creation of the National Payment System began in 1990. In 1992, interbank settlements began using STB Card elements. By 1993, the Union Card payment system was formed. By 1999, it had united 457 banking organizations and their divisions. System participants issued more than 3, 000, 000 payment cards. At the end of 1993, the Golden Crown was formed. By 2014, this payment system united about 87 banks that issued more than 8 million cards. In October 1994, a Steering Committee was formed. The initiative to create it belonged to the Moscow GTU of the Bank of Russia. The committee was formed, first of all, for timely identification of problems in existing interbank settlements. This would make it possible to exert an effective influence on the elimination of difficulties, to ensure the exchange of views with banking organizations regarding information interaction. The formation and improvement of the plastic card system in Moscow was one of the most important areas of the Committee’s activities.
Prerequisites for Education
After analyzing world experience, the Moscow GTU came to the conclusion that the Russian Federation has a unique opportunity, using international practice, primarily France, to take a shorter path. To do this, it was necessary to combine the efforts of banking organizations. The Moscow GTU saw its role in this process in coordinating the activities of participants in the formation of a unified system of maps in Moscow. However, most of the largest banking organizations own a network of branches located in various regions of the Russian Federation. When combined, the payment system would acquire a national dimension.
Working group
Taking into account the current situation, Moscow State Technical University has moved its focus to the executive body of the Bank of Russia. The Working Group consisted of more than twenty specialists. In addition to directly the Bank of Russia, they represented the Moscow State Technical University, the Association of Domestic Banking Organizations. Among the members of the Working Group were the largest associations of the country. These included, in particular, Sberbank, Agroprombank, Inkombank, SBS-Agro and others. The FAPSI Federal Agency also worked in the Working Group. The executive body in quantitative terms was mainly represented by credit companies.
Activities of the Working Group
The efforts of the body were focused on solving the following tasks:
- Development of draft documentation of the Bank of the Russian Federation, ensuring the circulation and use of plastic elements for cash transactions in the Russian Federation.
- Development of the National Payment System.
The draft documentation was developed and sent for consideration to the management of the Bank of the Russian Federation. Subsequently (after the termination of the Working Group), it was finalized and approved. This document was the first act through which the National Payment Card System (NSPK) was regulated. Concerning the second question, the active work of the Working Group occurred in mid-1996. At this point, the body entered the stage of development and formation of a pilot project, according to which the National Payment Card System was to operate. The NSPK, according to experts of the World Monetary Fund, would require $ 5 million. These funds should have been enough to implement the network. Under the terms of the Monetary Fund, 50% of this amount was allocated directly to them, and the remaining half should be attracted by the RF from its sources. Credit companies that were part of the Working Group at that time were ready to finance 50% of the project. They confirmed their consent with official letters. But, since the leadership of the Bank of the Russian Federation decided to concentrate its efforts on the development of other areas of development of the payment system, by mid-1996 the functioning of other bodies under the International Committee, as well as the Working Group itself, was stopped. Management efforts were primarily focused on the formation of projects for the transfer of large sums and mass transactions with money.
2000 years
In order for the National Payment System of Russia to start functioning, a regulatory framework was needed. At the time of the beginning of the development of projects, it was not there. In this regard, at the beginning of 2000. a number of laws were passed. However, in the process of approving the norms, several important points were lost. At the next stage, the task of financing the project was no longer standing. However, banks could not come to a unanimous opinion about who would receive profit from it. No organization wanted to give up the huge market. This sector generated significant revenue from transaction commissions. While Russian banks agreed, the market was divided by the international payment systems Master Card and Visa. Some domestic financial companies have formed partnership groups. Customers of these banks were served at ATMs throughout the association. The largest group is the United Settlement Network. ATMs of about 100 banks participate in it.
National Payment System of Russia: the next stage
In 2010, a federal law was drafted to regulate the provision of municipal and state services. Its norms stipulated that the National Payment System of Russia would begin to operate, and the processing of domestic transactions abroad would be prohibited. However, members of the American embassy in Moscow drew attention to this fact. It became clear to them that if the bill was left unchanged, Master-Card and Visa would lose the market with an income of about $ 4 billion. On this occasion, the ambassadors compiled a dispatch addressed to senior civil servants of America. In the text, employees recommended taking advantage of meetings with colleagues from the Russian Federation in order to exert pressure on the latter to amend the bill. In this way, guarantees of protecting the interests of American companies would be provided, and the possibility of damage to them would be excluded. The published act did not prohibit the processing of domestic transactions abroad.
Federal Law "On the National Payment System"
It was adopted in 2011. The Federal Law "On the National Payment System" describes the network as a set of operators that transfer money. The Law establishes the basic concepts, regulates the procedure for the provision of relevant services. The normative act defined the rules by which the National Payment System should operate. The network structure was formed on the basis of the requirements set forth in the law. Along with this, a procedure was established by which oversight and coordination would be carried out. However, the Federal Law did not provide for the creation of a system of domestic payment cards and a ban on processing Russian transactions abroad.
Important decisions
They were adopted in 2011. These decisions concerned the creation of an electronic universal card, excluding the participation in the process of the international Master-Card and Visa systems. At the same time, Sberbank promised to take measures to neutralize "lobbyists of these networks in the Russian authorities." By the beginning of 2013, the Central Bank had formed a register of operators. All payment systems that worked in Russia were added to this database. Among them were identified those that had special social significance. These included, in particular: Contact, VTB and Sberbank networks, Golden Crown, Master Card, Visa.
