Ex-USSR countries eager to copy Belarusian cashless payment system ERIP

Central banks of post-Soviet countries are willing to create analogs of the Belarusian united payment and information space (aka ERIP) in their own countries, BelTA learned from Deputy Chairman of the Board of the National Bank of the Republic of Belarus Sergei Dubkov at the 11th international forum on banking technologies BankIT on 19 November.

Sergei Dubkov did not rule out the possibility that Belarusian experience may be borrowed by other post-Soviet countries. Taking part in the forum were delegations of the central banks, which take a strong interest in the technological capabilities of the Belarusian payment system and are willing to create similar systems in their own countries. “Naturally we are ready to help the colleagues, consider the integration of the systems the colleagues will create with our own,” noted the official.

Sergei Dubkov pointed out that those solutions will be based on Belarusian accomplishments — technological, intellectual, and legal ones. “In other words, we have created a good export product using Belarusian capabilities and Belarusian personnel,” stressed the Deputy Chairman of the Board of the National Bank of the Republic of Belarus.

This year ERIP has undergone a number of serious changes. As part of ERIP the National Bank has made a universal transaction mechanism for all the Belarusian banks. In 2015 ERIP is expected to become a joint-stock company. According to Sergei 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. ERIP has the relevant economy and the potential for growth,” said the official.

This year’s BankIT forum gathered over 1,200 participants representing the banking industry, IT companies and state-run enterprises. Participants of the forum are expected to discuss strategic matters concerning the development of the Belarusian IT market, the use of new technologies in the banking industry. Apart from that, the latest instruments designed to enable effective data protection, fight fraud, and counteract money laundering will be highlighted.

The forum has been organized by the National Bank of the Republic of Belarus, the research and technology association Infopark, and the Association of Belarusian Banks.