Banks will speed up payments

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Mazhilis passed to the Senate the draft law "On Payments and Payment System"

Today, the MPs of the lower house of the Parliament approved the draft law in the second reading. In conclusion, the Committee on Finance and Budget of the Majilis noted that in the comparative table deputies made several amendments. For example, there were specified minimum requirements for operators of systemically important and important payment systems.

In addition, it provides for the establishment of limitations on debt collection and seizure of accounts for the outstanding liabilities of debtors from benefits and social benefits to be paid from the state budget and the State Fund of Social Insurance, housing benefits, the money transferred by people to the notary public’s deposit. The draft law enshrined the concept of "payment system", the basic principles of organization and procedure of functioning of payment systems.

Another objective of the draft law - Reduction of time of bank payments. "The following innovations were introduced to protect the interests of consumers of payment services. Shorten the period of payments by banks from a maximum of four days to two days, and as of 1^st of June 2017 - the same day", - said the chairman of the National Bank of Kazakhstan Daniyar Akishev, presenting the draft law to Mazhilismen in the first reading, which took place on 1^st of June at the Mazhilis.

In addition, banks will have to familiarize customers with the size of the commission before making a payment transaction, and it prohibits to change unilaterally the terms of the contract and tariffs upwards.

This draft law was submitted to the Senate. With its adoption the current law "On payments and money transfers" shall be deemed as invalid. The Finance and Budget Committee noted that the document acknowledges the relationship arising only when making payments and money transfers.

Zhanar Serdalina