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Plans to automate financial obligation transactions in Belarus

Economy 17.10.2018 | 15:38

MINSK, 17 October (BelTA) – A system will be created in Belarus by 1 January 2020 to automate the fulfillment of financial obligations in line with presidential decree No.414, representatives of the Information and Public Relations Office of the National Bank of the Republic of Belarus (NBRB) told BelTA.

The automated financial obligation transaction system is expected to optimize interaction between government agencies, banks, corporations, and individuals in Belarus.

The system will prevent multiple write-offs of the same financial liability by different agencies from all accounts of debtors. The new system is also supposed to heavily reduce the amount of paperwork involved in the process.

Authorized government agencies, commercial banks, the central bank, and the Belarusian interbank settlement center will be able to access the system. Corporations and individuals with uncontested rights to collect their debts will also be able to use the system.

The system will accumulate information about the monetary liabilities payers have to honor. The system will be able to access bank accounts and digital wallets to automatically honor the payer's commitments.

The central bank and the Council of Ministers will have to decide on how exactly the automatic debt transaction system will operate by 1 July 2019.

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