Mass Electronic Payment System – SMEP.
One of the payment systems of the Republic of Kazakhstan. Developed at the end of 2011 by the National Bank to conduct guaranteed urgent payments from the client’s bank account with minimal financial costs.
Mass Electronic Payment System – SMEP.
One of the payment systems of the Republic of Kazakhstan. Developed at the end of 2011 by the National Bank to conduct guaranteed urgent payments from the client’s bank account with minimal financial costs.
The system provides the ability to create and offer various services to bank clients based on fast, inexpensive, guaranteed payments for small amounts, without risking their scheduled interbank settlements.
Formats and types of messages, technologies, cryptography, and transport are standardized with other payment systems of the National Payment Card.
SMEP users include banks and non-banking financial institutions.
The user’s tasks include receiving payments from their clients by any acceptable means, transferring payments to SMEP as quickly as possible, notifying their clients of incoming funds by any available means agreed upon between the user and their client.
At the end of the operational day, the SMEP user must ensure the availability of funds in the MSPP account to settle their net position formed in SMEP.
Thus, for the user’s clients, payments are made in a mode close to real-time, and for the user itself, the settlement of a multilateral clearing position is ensured once a day.
The maximum amount of one payment document processed in the Mass Electronic Payment System is 500,000 (five hundred thousand) tenge.
The maximum permissible value of the bank’s or organization’s debit net position, which engages in separate types of banking operations and is a participant in the Mass Electronic Payment System, is 200,000,000 (two hundred million) tenge.
Key features of SMEP
Guarantee of payment settlement is ensured by: