Central banks of post-Soviet countries keen to create analogue of Single Payment Information Space (ERIP), using Belarusian example

By Svetlana Savelieva

Central banks of post-Soviet countries keen to create analogue of Single Payment Information Space (ERIP), using Belarusian example

The Deputy Chairman of the National Bank’s Board, Sergey Dubkov, does not rule out the possibility that Belarusian experience may be shared with other post-Soviet countries. “Of course, we’re ready to help our colleagues integrate their systems with our own,” notes the official. He points out that solutions are based on Belarusian accomplishments: technological, intellectual and legal. “In other words, we’ve created a good export product using Belarusian capabilities and Belarusian personnel,” stresses Mr. Dubkov.

This year, the ERIP has undergone a number of serious changes. Within the ERIP, the National Bank has made a universal transaction mechanism for all Belarusian banks and, from 2015, the ERIP is expected to become a joint stock company. According to Mr. Dubkov, the shareholders will be the National Bank and the largest players on the market. “I hope that this unique innovative solution will continue developing. The ERIP has the potential and feasibility for growth.”