NSPK and Interfax Entered into an Agreement on the Launch of a New Service
National Payment Card System Joint Stock Company, the MIR Payment System's operator, and the Interfax Information Services Group entered into a cooperation agreement to set up a specialized service that would enable the MIR Payment System Participants to additionally verify merchants when rendering acquiring services.
Chief Executive Officer of National Payment Card System Joint Stock Company Vladimir Komlev and Chairman of the Board of Directors of the Interfax Group Mikhail Komissar affixed their signatures to the agreement on May 24 at the St. Petersburg International Economic Forum (SPIEF-2018).
"Currently, the payment industry of our country almost does not have such integrated services that include Russian registration details of companies in full," commented Vladimir Komlev. "We want to offer participating banks the market's best information service that contains data from the system which has become the Russian industry standard for due diligence of companies, and to make this service as convenient as possible. Using data from the SPARK-Interfax system and its own data, NSPK will provide its partners with enhanced 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."
"We are certain that this instrument will be in demand, and we are going to present it to partners in 2019," the Head of NSPK added.
"The specialized service for banks participating in the Payment System will include not only the enhanced and the latest update official information about companies, but analytic scorings as well that enjoy the market's confidence – Due Diligence Index, Financial Risk Index," said the Head of the Interfax Group Mikhail Komissar.
"The MIR Payment System has become an integrator of both financial and non-financial services introducing unified system solutions into the market. We expect that the service implemented 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.
SPARK-Interfax is the most popular professional solution in the Russian market for verifying counterparties, managing credit and tax risks, marketing, investment analysis, and searching for affiliation. The Due Diligence Index (DDI) is a scoring demonstrating the likelihood that a company is a fly-by-night one, bona vacantia. The Financial Risk Index (FRI) is an estimation of the probability of a company's insolvency. Every year, SPARK processes over 1.5 bln requests for company verification. Major Russian banks and companies use the integrated solution.