Law on reduction of time for processing of bank payments
Starting from next year, bank payments will be processed on the same day
Kazakhstani President Nursultan Nazarbayev signed the Law "On payments and payment systems', which, in particular, reduces payment processing time. The law and related amendments and additions to some legislative acts of Kazakhstan on payments and payment systems have been developed by the National Bank of Kazakhstan. The draft law was approved in June first by Mazhilis deputies, then the law was submitted for consideration to senators, and then it was passed for the signature of the Head of State.
"To protect the interests of consumers of payment services were introduced the following innovations. Streamlining of the payment processing time from a maximum of four days to two days, and from 1st of June 2017 – payments will be processed on the same day ", - said the chairman of the National Bank of Kazakhstan Daniyar Akishev, presenting the draft law to Mazhilismen.
In addition, the law requires that the bank staff introduces consumers to the tariffs for the provision of payment services. "We introduce the obligation on banks to inform clients on the amount of the commission before making a payment transaction, as well as a ban on the change of terms of contracts unilaterally and to increase tariffs upwards", - said D.Akishev, speaking on 1st of June in the Mazhilis.
We add that the law also imposes restrictions on the collection of benefits and social benefits, housing benefits from the bank accounts of citizens upon claims of third parties.
Zhanar Serdalina
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