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Payment Systems

Payment and Settlement Systems

Payment and settlement system is the entirety (integrity) of payment instruments, of common rules, procedures and supportive technical and program facilities for implementation of clearing, transfer of funds and execution of final settlement, which is used to provide a payment to a beneficiary.
Armenian commercial banks carry out both interbank and intrabank payments. The most part of interbank payments are carried out through the commercial banks’ correspondent accounts with the Central Bank. The interbank settlements of the commercial banks are carried out through mutually opened LORO/NOSTRO accounts.

The payment systems of the Central Bank are:

The final settlements in these systems are carried out in the "Operational Day" software system of the Central Bank, which is designed to run the General Ledger of the Central Bank accounting and in which the monetary accounts and financial transactions of customers of the Central Bank are recorded
The interbank settlements among commercial banks are also effected via their Loro/Nostro accounts with each other. The interbank settlements via Loro/Nostro accounts outside the Central Bank are effected both on a paper basis and electronically, using various means of telecommunications (SWIFT, CBANet Interbank Computer Network, Telex, Facsimile, and etc.).
Along with performing cash settlements, the Central Bank, being a Central Depositary, carries out the accounting and settlement of government securities through the Government Securities Accounting and Settlement System. Under the rules of this System the participants can take part in the primary allocation of government securities, as well as they can carry out transactions in the securities secondary market.
The ArCa card unified payments system unified payments system (hereinafter ArCa system) is operating in Armenia, which is a retail payments system that enables operations by local ArCa payment cards, and also Visa and MasterCard international payment cards. The "ArCa" processing center is responsible for the processing and clearing of operations made within the ArCa system, which carries out also the processing and clearing of operations by Visa and MasterCard starting 2003.
Armenian banks carry out international payments through correspondent accounts with foreign banks using SWIFT, Telex and other means of telecommunication.In order to make the international transfers of individuals more rapid and available, the Armenian banks have become the members of international funds transfer systems.
 Payment Systems Informative materials and Statistical data

Electronic Government of the Republic of Armenia

Financial System Mediator

Armenian Deposit Guarantee Fund

Armenian Card

Armenian Motorinsurers’ Bureau

National Mortgage Company

ACRA Credit Reporting

German-Armenian Fund

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