Armenia’s Central Bank bars “CONTACT” and “BLIZKO” payment systems in Armenia

28.12.2012 11:24
Armenia’s Central Bank bars “CONTACT” and “BLIZKO” payment systems in Armenia

YEREVAN, December 27. /ARKA/. The Central Bank of Armenia invalidated the licenses of two Russian payment systems – CONTACT and BLIZKO, in the Republic of Armenia, press service of the Central Bank reported.

Particularly, the operator of CONTACT payment system AKB Russlavbank has violated a number of provisions of the agreements signed with Armenian banks and suspended their right to access the payment system with no grounds or explanations provided, according to the report.
These actions jeopardize financial viability of the system and/or liquidity levels, and/or solvency (of its participants), says the report.

As to BLIZKO, it has not met the requirements approved by the Board of the Central Bank on July 4, 2006, according to the report.

Some six partner banks are implementing transfers through CONTACT in Armenia. The CONTACT is operating in 101 countries, including all CIS and Baltic countries and unites some 175 banks and companies.

Eight Armenian partner banks are transferring money via BLIZKO that is owned by AKB Svyaz-Bank. The system was established in 2006 and is used by about 160 banks and organizations with a total of over 48,000 sales offices.

Earlier, in September and October, the Central Bank suppressed another two payment systems, Migom and Zolotaya Korona, in Armenia for similar reasons.  –0--


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