What payment and settlement systems do we operate
The Central Bank of Armenia assumes direct ownership and operational responsibility for pivotal payment and settlement systems within the country's financial landscape.
These systems serve as the backbone of Armenia's financial infrastructure, facilitating secure and efficient fund transfers among financial institutions and other stakeholders.
Electronic Payment System of the Central Bank of Armenia
The electronic payment system stands as a cornerstone within the interbank payment infrastructure of the Republic of Armenia. Its inception dates back to 1997, marking a pivotal moment in the country's financial landscape. The Central Bank of Armenia (CBA) assumes the dual role of operator and settlement bank while also taking responsibility for oversight, regulation, policy development, and ensuring the optimal functionality of the system. Operating in real-time gross settlement (RTGS) mode, the electronic payment system facilitates the swift and definitive settlement of interbank fund transfers, processing transactions continuously on a transaction-by-transaction basis. Remarkably, this system exclusively handles credit transfers, including interbank transfers under bank’s own obligation. Furthermore, there exists no limit on transaction amounts within this system, allowing for the seamless execution of both wholesale and retail payments. This flexibility underscores its adaptability and its capacity to cater to a wide spectrum of financial needs within the Armenian economy.
The main participants of the Electronic Payment System are primarily commercial banks, along with operators of ancillary systems like the ArCa card payment system, Ministry of Finance, international banks.
Government Securities Accounting and Settlement System of the Central Bank of Armenia
The Central Bank of Armenia is the central securities depository and securities settlement system operator for the government securities issued in Armenia. The system is multi-tier: banks, other investment service providers and the Central Depository of Armenia are sub-custodians in the system. Securities holders may hold their securities either directly on a securities account with a sub-custodian bank or other investment service provider or on a securities account opened in the system of the Central Depository of Armenia.