Tajikistan Launched National Processing Center for Funds Transfers

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The National Bank of Tajikistan reported that from November 15 the Procedure for cross-border transfer of funds and the functioning of payment systems performing such transfers in Tajikistan was registered with the Ministry of Justice, which entered into force after official publication. Based on this regulatory document, on November 18, the National Center for the Processing of Funds Transfers with the Unistream payment system and several domestic credit institutions was successfully launched in a pilot mode under the National Bank.

According to the source, starting from December 3 all transfers made without opening a bank account are carried out through payment systems that are connected to the National Processing Center for Funds Transfers (NPCs). The Unistream and Contact payment systems have been fully integrated with the NPCs. Citizens can now make money transfers without obstacles. Also, the Western Union payment system is at the final stage of agreement approval and integration with the NPC. It is expected that in the coming days this payment system will complete the process of integration with the NPC and ensure the implementation of money transfers in Tajikistan.

Customers who made transfers through the Zolotaya Korona, BLIZKO and MoneyGram payment systems which were not received before December 3, can cancel their transfers and send money through Unistream and Contact, as well as through bank transfers.

All other payment systems that are connected to the NPC and fulfill the requirements of the legislation will be able to resume their activities in the country.

The creation of a processing center provides new opportunities for the development of the funds transfer market, which will increase the level of public confidence in the banking system, improve the quality of service, and provide the ability to monitor cross-border funds transfer operations.

The National Bank asks all credit organizations and citizens to inform their customers and close relatives abroad planning to make transfers in the coming days, to use Unistream or Contact. The Unistream code is 12-digit, and the Contact code is 9-digit. Transfers through payment system that have not connected to the National Fund Transfer Processing Center (NPC) will not be recieved.

For updated information, individuals can go to the National Bank site, which provides real-time information on the payment systems connected to the National Processing Center.

Source: National information agency of Tajikistan