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National Clearing

 

In Kazakhstan, the National Clearing System (KAZNNSS) has been operating since 1999. The Clearing Agent for KAZNNSS is the National Payment Corporation (NPC).

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The National Clearing is a settlement system among financial institutions within one country, enabling transfers and settlements in the national currency. The system allows participants to save on currency conversion and ensures more efficient liquidity management.

 

Net positions are calculated in the national currency, minimizing risks associated with exchange rate fluctuations. The settlement of net positions of participating banks is carried out using their accounts in the Interbank Money Transfer System (IMTS) of the National Payment Corporation, which operates based on agreements and contracts with participating banks.

 

INFORMATION ABOUT MASTERCARD

Among various services provided by the international payment association MasterCard to its members—financial institutions, is the National Clearing of domestic transactions. The advantages of this service include saving currency resources placed in the settlement bank of MasterCard by participating banks of the National Clearing as insurance deposits. Since net positions resulting from the National Clearing are calculated in the national currency, there is also a savings benefit due to the absence of the need for money conversion. Similar National Clearing is carried out in most countries in the CEMEA region (Central and Eastern Europe, Middle East, Africa, CIS, and the Baltics).

In Kazakhstan, the National Clearing MasterCard (KAZNNSS MasterCard) has been operating since 2009. The Clearing Agent for KAZNNSS MasterCard is NPC.

The settlement of net positions of participating banks is carried out using their accounts in the Interbank Money Transfer System (IMTS) of NPC. The legal basis for NPC’s functions and the mutual obligations arising from them are the “Agreement on the Provision of Money Transfer Services in the IMTS based on the MasterCard results of KAZNNSS,” concluded between NPC and the participating bank, and the “Agreement on the Performance of Clearing Agent Functions,” concluded between NPC and MasterCard International Incorporated.

 

KAZNNSS MasterCard participants as of March 1, 2024

 

№ p/p Name
1 JSC “ALTYN BANK” (DB CHINA CITIC BANK CORPORATION LIMITED)
2 JSC “KASPI BANK”
3 JSC “EURASIAN BANK”
4 JSC “PEOPLE’S BANK OF KAZAKHSTAN”
5 JSC “ForteBank”
6 JSC “BANK CENTRCREDIT”
7 JSC “KAZPOST”
8 JSC “BANK FREEDOM FINANCE KAZAKHSTAN”
9 JSC “NURBANK”
10 JSC “Bereke Bank”
11 JSC “FIRST HEARTLAND JUSAN BANK”
12 SUBSIDIARY ORGANIZATION OF JSC BANK VTB (KAZAKHSTAN)
13 JSC “DB “KAZAKHSTAN-ZIRAAT INTERNATIONAL BANK”