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Russian Banks Stopped Working With Contact Money Transfer System
May 5, 2014 22:32


About 15 Russian banks suspended cooperation with Contact money transfer system. This was provoked by negative information about the system's settlement bank – Russlavbank, whose top manager was charged with illegal banking.

The list of banks that suspended cooperation include Binbank, Sobinbank, Asian-Pacific Bank (ATB) and “Life” Financial Group banks. According to experts, banks' anxiety was caused by recent events that have occurred with Migom money transfer system, which was stripped of license next after its settlement bank Eurotrust.

Newspaper experts said the Contact is one of six socially important payment systems in Russia along with Sberbank and VTB payment systems. This is why the resumption of cooperation with it remains possible. "Everything depends on what awaits the Russlavbank as there are no complaints about the system," the information source said.

Russlavbank commented on this article. "The following list of the banks is about 3% of CONTACT affiliate network, and some of these partners have already returned to us. Some, out of remaining listed banks change payment scheme with CONTACT system. The rest transfer calculations to the second billing center, VTB Bank. Temporary suspension of cooperation with listed partners does not have significant impact, also because operations continue with the largest banks in the country: Uralsib, Avangard, Vozrozhdeniye, Asia-Pacific Bank, Transnational Bank, Investtorgbank, Intercommerts, Finam and others. We are now observing a positive response from our affiliate network, as we are one of the market's leaders with a work scheme comfortable for them," the press-service reported.

Earlier, Russlavbank officially stated that law enforcement agencies do not have claims to the organization as a legal person with regards of investigation.

The goal of the System Operator is to provide System Participants, Partners and Clients with the opportunity to render and/or receive CONTACT System services.

As the operator of the CONTACT Payment System, JSCB RUSSLAVBANK (CJSC) assumes the obligations associated with adhering to the requirements of the quality management system and quality standard ISO 9001:2008, and with constantly improving the performance of the quality management system in place at the Bank.

CONTACT is a cash remittance system for private individuals. One can use the CONTACT system to remit cash up to 4 950,00 EUR/USD (depending on the country) to your relatives and friends in more than 110 countries quickly and at a low price without opening a bank account.



Author: Anna Dorozhkina

Tags: money transfer Russian banks    

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