National Payments Corporation (NPC)

History

2023: Building a Company

On September 15, 2023, the National Bank of Kazakhstan announced the creation of the National Payment Corporation (NPK) for the development of digital tenge. According to the press service of the regulator, the NPK was formed by reorganizing the RSE "Kazakhstan Center for Interbank Settlements" (CCMP).

NPC is the successor of the CCMP and continues to ensure the availability of services for participants in the payment market, including providing services for interbank clearing, interbank payments and money transfers, as well as remote digital identification. The functions and tasks of the NPK also include the further development of the digital financial infrastructure, including through the implementation of the Digital Tenge and Open Banking projects.

Kazakhstan created a corporation for the development of digital tenge

The National Bank of Kazakhstan said that the National Payment Corporation will ensure uninterrupted functioning and development of the national payment system on the principle of equal availability for all market participants.

The reorganization of the CCMP into the National Payment Corporation will further improve the efficiency, security and reliability of the country's payment infrastructure, as well as accelerate the pace of introduction of innovative products and digitalization of the financial sector, the regulator added.

Digital tenge is the third form of national currency of Kazakhstan and will be the same legal tender as other forms of tenge. The plans of the NPK for 2023 include the launch of the first phase of the introduction of digital tenge (consumers in pilot mode will be able to use digital currency along with cash and non-cash), a service for the exchange of information on bank accounts between market participants to create innovative services (within the framework of the Open API & Open Banking concept until 2025), as well as a data exchange center on fraudulent transactions (Antifraud Center). In addition, work continues on the implementation of the second stage of the interbank payment card system and the transition of the financial market to the international standard of financial communications ISO 20022, as well as the modernization of the existing infrastructure.^[1]

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