The Federal Law On the National Payment System is intended to ensure the legal regulation of modern payment and settlement services, which have emerged as a result of the nation’s technological and informational development.
The Federal Law establishes legal and organisational foundations for a national payment system, regulates the procedures for rendering payment services, and determines the requirements to the organisation and operation of payment systems, as well as procedures for supervising and monitoring the national payment system.
The Federal Law defines the procedures and features for conducting electronic monetary transfers, including a payment system operator’s right to involve operating centres located outside of Russia for granting operational services to payment system participants.
In accordance with the Federal Law, amendments will be made to the Tax Code, the Budget Code, the Code of Administrative Offences, and several federal laws of the Russian Federation.
The Federal Law establishes the foundations for non-cash settlements in Russia in the form of electronic fund transfers and stipulates measures for providing the possibility of using such funds to pay taxes, duties and fines.
In addition, the law defines the principles for creating in the Russian Federation a State Information System on State and Municipal Payments.