The Central Bank began to prepare the banks to be disconnected from Visa and Mastercard

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Photo: Vladimir Trefilov / RIA Novosti

The Bank of Russia sent a letter to small banks with a request to find a backup partner who would be able to serve data on their Bank cards. As noted owned by the family Demyan Kudryavtsev, the newspaper “Vedomosti”, citing sources in the market, it is done in the context of possible new sanctions by the US.

A letter of recommendation sent to the small banks that work with international payment systems Visa and Mastercard not directly, but through larger banks-partners. Central Bank encourages small banks to enter into a backup agreement with another Bank, which if anything would be able to provide continuity of Bank cards.

Major players as banks, Telecom operators with payment systems are: rnko “Payment center”, “URALSIB”, VTB, ROSBANK, and Promsvyazbank. The Central Bank argued that the letter sent out to mitigate risks in payment systems, noting that it is an international practice, however, market participants do not really understand the concerns of the regulator.

The publication also notes that the change of partner Bank is a long and painful process that takes about 3-6 months, and is accompanied by failures in work of Bank cards. The change processing of the counterparty for the Bank will cost about 100 thousand dollars.

The sources claim that the Central Bank thus is insured not only against a possible fall of the major banks, which often break the small partners but also from possible new sanctions from the United States. At work Bank cards in Russia and potential sanctions not affected — they pass through the Russian National system of payment cards (nvqs), but abroad to work card will not.

Video, photo All from Russia.

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