Unified bank identification system to appear in Belarus

Unified bank identification system to appear in Belarus

A unified bank identification system will be created in Belarus. It is stipulated by the President’s decree, which is designed to simplify the work of banks with clients.

Therefore, once visiting a bank, a client can use remotely services of not only this specific bank, but also services of any other financial institution in Belarus.

This interbank identification system in Belarus will start operating as from 1 October 2016. 

The updated system is designed to increase the availability of banking services and products. Once clients undergo a procedure of identification in a bank, they will have a possibility to use banking services of any other banks remotely via the Internet. Moreover, the new system will increase the competition on the market, decreasing interest rates and reducing the cost of other banking services and products.

Alexander Sotnikov, head of the department for development of digital technologies of the National Bank of Belarus:
The main goal of this interbank identification system is the increase of competition on the market. It’s no secret that the number of banks in Belarusian towns is limited. Therefore, clients don’t have a possibility to use the whole range of banking services and products that are available on the market.

The Belarus President’s decree on the development of digital banking technologies is also designed to increase the number of organizations that are obliged to provide their clients with acccess to the Single Settlement and Information Space (Russian acronym is ERIP). It will be the easiest way to pay for any online purchase.

Today, thanks to ERIP, many Belarusians save their time as they don’t have to queue up in banks.

One of Belarusian retirees, Albina Pozhaeva, has also decided to keep up with the times. She doesn’t like to waste her time and has started learning how to use a computer in order to pay for services and goods over the Internet.

Remote online-payments and credits are becoming a part of our daily life by leaps and bounds. Hopefully, not only advanced users will keep up with the new technologies.