Payment institutions
Payment institutions
Non-bank payment institutions complement the payment services offered by banks,, which contribute to the richness and diversity of the payment landscape. These institutions, including Money transfer institutions and Processing and clearing institutions, specialize in specific aspects of payment transactions. Money transfer institutions enable seamless payments and remittances without the requirement of bank accounts, while Processing and clearing institutions handle the intricate processing and clearing of payment instruments on behalf of third parties. Money transfer institutions may also be authorized by the Central Bank of Armenia to issue and manage electronic money, further expanding the scope of financial services available to the public.
Central bank of Armenia regulates the activities of payment institutions to mitigate inherent risks, safeguard customer interests, combat money laundering and terrorist financing, and foster a competitive and innovative environment.
Read more about payment institutions.
For the licensing of payment institutions, requirements are set for capital, corporate governance, technical equipment, premises and other requirements.
Read More
Payment System Participants Supervision
The CBA supervises payment system participants, including payment institutions, payment systems, payment infrastructures and banks (from payment services and transactions prospective). Supervision is conducted via both on-site inspections and off-site surveillance and is aimed to assess risk of payment system participants, to ensure regulatory compliance and operational resilience. In the scope of risk-based supervision, supervisors continuously monitor financial condition of payment system participants, check monthly reports submitted by them, identify, analyze and evaluate existing risks and take measures aimed to reduce risks and stabilize their financial condition.
Read more about payment systems.