NSPK, Interfax to create service to minimize risks of banks participating in MIR Payment System

JSC National Payment Cards System (NSPK), operator of the MIR Payment System, and the Interfax International Information Group have signed an agreement to set up a specialized service to enable participants of the MIR Payment System to conduct additional checks of service enterprises when providing acquiring services.

Vladimir Komlev, the General Director of NSPK, and Mikhail Komissar, Chairman of the Board of Directors at Interfax, signed the agreement during the St. Petersburg International Economic Forum (SPIEF).

"We want to offer participating banks the market‘s best information service, which contains data from a system which has become the industry benchmark in Russia for due diligence of companies, and to make that service as convenient as possible," Komlev said at the signing ceremony.

He said that thanks to data from the SPARK-Interfax system and its own information, NSPK would be able to provide its partners with better quality and more complete information about merchants. "This in turn will enable banks participating in the MIR payment System to assess risks related to acquiring and take measures to mitigate them," Komlev said.

The new service should be available to MIR partner banks in 2019. "We are certain this will be in demand," Komlev said. He said there were practically no such integrated systems in the Russian payments industry today.

"The service for banks participating in the payment system will incorporate not just the best quality and most up-to-date information about companies but also analytic scoring indices that are highly respected on the market such as the Due Diligence Index and Financial Risk Index," said Mikhail Komissar.

Komissar said the MIR system had become a financial and nonfinancial services integrator, implementing unified system solutions on the market. "We expect that the service provided with the use of the SPARK system, will become one of the most convenient and advanced solutions and will be sought after by banks," he said.