Central bank launches an instant payment system

Tashkent, Uzbekistan (UzDaily.com) -- In order to create wide opportunities for legal entities and individual entrepreneurs, in February this year, the Central Bank launched an Instant Payments System, which allows payments to be made online around the clock.

This system allows to make interbank money transfers between legal entities and individual entrepreneurs (B2B), make payments to the budget and budget organizations in real time (24/7) also on weekends and holidays. This is very convenient for smooth and timely money transfers.

The Resolution of the Board of the Central Bank "On Amendments and Addenda to the Regulation on the Procedure for Making Electronic Payments through the Interbank Payment System of the Central Bank" (registered No. 1545-3 from 29 September 2020) defines the rules for the operation of the Instant Payment System.

Today, all commercial banks are connected to the Instant Payment System, which allows all clients working through remote service systems to use the new mechanism.

In the period from February to November 2020, 3.5 million transactions were carried out through the system, amounting to more than 83.6 trillion soums. It is noteworthy that 260,000 of them are transactions worth 5.8 trillion soums were carried out between 17-00 pm and 09-00 am.