The National Bank of Kyrgyzstan has submitted a draft for a unified fast payment system (FPS) for public discussion. The new infrastructure aims to connect all financial institutions in the country and ensure instant 24/7 interbank transfers.
What happened
The draft regulation on the fast payment system outlines unified operating rules for the entire market. The document’s main goal is to ensure interoperability so individuals and legal entities can send money in real time, regardless of where their accounts are held. The publication 24.kg reports this, citing the regulator.
Users will be able to transfer funds using simple identifiers. The system supports mobile phone numbers, national standard QR codes, bank account numbers, or card numbers. To route these payments, the regulator plans to create a centralized registry linking a user’s identifier to their specific account or e-wallet.
A single FPS operator will manage the infrastructure. Its tasks will include processing payment messages, clearing, maintaining registries, and ensuring information security. A separate requirement mandates the implementation of a centralized anti-fraud module to block suspicious transactions.
Country and market
Currently, Kyrgyzstan’s payment market is fragmented. Banks and fintech companies develop their own gateways and bilateral partnerships, complicating integration and making transfers between different ecosystems less convenient for users.
Creating the FPS brings Kyrgyzstan closer to the open payment system standards already being implemented in Central Asia. Kazakhstan serves as a regional benchmark, where the National Bank launched a similar instant payment system (IPS) in 2022.
Why it matters
To connect to the FPS, banks and payment organizations will need to pass certification and prove compliance with technical requirements. The regulator emphasizes that the project will not require additional state budget expenditures.
The FPS launch levels the playing field for all market participants: banks will have to compete for clients through interface and service quality, rather than the exclusivity of transfers within their closed networks.
What’s next
The project is currently in the public discussion phase. The document also lays the legal and technological foundation for future integration of the Kyrgyz FPS with foreign payment systems, which will eventually simplify cross-border transfers.
