Visa tries to set forth requirements to Russian Central Bank

The head of the Russian office of Visa international payment system, Andrew Torre, appealed to deputy chairwoman of the Central Bank, Olga Skorobogatova, and General Director of JSC National System of Payment Cards (NSPC), Vladimir Komlev, with a number of requirements that Visa would need to continue working in Russia, RBC reports.

In particular, Andrew Torre said that Visa should retain the right to set tariffs for its services. According to the law on the national payment system, NSPC will set its own tariff policy, whereas all other payment systems will have to notify the company about changes in their tariffs 120 days in advance.

In addition, Visa asks for the right to use its own operating and clearing center. The company also insists that it should not pay the security fee, if NSPC fails to ensure trouble-free and reliable operation for the system.

To crown it all, Visa does not agree to print logos of other payment systems on its plastic cards (the practice is known as co-badging). Under the new Russian law, the cards of nationally significant payment systems should carry a graphic representation of the Russian ruble.

However , Andrew Torre added, the company respects the intention of the Central Bank of Russia to collaborate with Visa in accordance with the law of the national payment system.

It was reported earlier that Visa and MasterCard may lose the right to freely choose settlement banks in Russia. It was proposed to hand over this function to the Central Bank of the Russian Federation. Before that, it was assumed that the reform of the Russian payment system would deprive Visa and MasterCard of their own clearing and processing.

In the spring of 2014, Russia passed the law on the establishment of the National System of Payment Cards. The law was passed soon after Visa and MasterCard refused to serve a number of Russian banks that had come under the anti-Russian sanctions. A security deposit to the Russian Central Bank is to ensure smooth operation of payment systems in Russia.