MasterCard is looking for local payment solutions in order to comply with new Russian regulations
After receiving authorization to re-enter the Russian market, US card firm MasterCard is inviting Russian processors to bid for a contract for domestic Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to comply with new regulations.
The crisis in Crimea forced American card firms MasterCard and Visa to freeze out Russian accounts earlier this year as a result of US sanctions on the region. While operations were partially reinstated shortly afterwards, Russian president Vladimir Putin took to erecting new regulations to prevent from such an incident to happen again.
"Russia is an important market for MasterCard and we are committed to providing the best possible services for Russian cardholders while continuing to develop electronic payment innovations in this market," stated Ilya Riaby, GM, Russia, MasterCard.
One of the new regulations is to have payment Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term done domestically, meaning MasterCard is now forced to find a local payment processing solution to comply with the regulations. As a result the card firm released a “Request for Proposal” asking local and Russian Central Bank registered processing companies based in Russia to bid for the position of authorizing, clearing and settling domestic payments for Russian MasterCard cards.
Russian president Putin has also taken further steps to prevent the freezing of accounts for Russian citizens, and recently met with officials in China to implement China UnionPay as Russia’s official national payment scheme.
After receiving authorization to re-enter the Russian market, US card firm MasterCard is inviting Russian processors to bid for a contract for domestic Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term to comply with new regulations.
The crisis in Crimea forced American card firms MasterCard and Visa to freeze out Russian accounts earlier this year as a result of US sanctions on the region. While operations were partially reinstated shortly afterwards, Russian president Vladimir Putin took to erecting new regulations to prevent from such an incident to happen again.
"Russia is an important market for MasterCard and we are committed to providing the best possible services for Russian cardholders while continuing to develop electronic payment innovations in this market," stated Ilya Riaby, GM, Russia, MasterCard.
One of the new regulations is to have payment Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term done domestically, meaning MasterCard is now forced to find a local payment processing solution to comply with the regulations. As a result the card firm released a “Request for Proposal” asking local and Russian Central Bank registered processing companies based in Russia to bid for the position of authorizing, clearing and settling domestic payments for Russian MasterCard cards.
Russian president Putin has also taken further steps to prevent the freezing of accounts for Russian citizens, and recently met with officials in China to implement China UnionPay as Russia’s official national payment scheme.