Cross-border settlements paid with electronic promissory notes
Fast. Simple. Secure.
VexPay settles transactions using VEX - an electronic promissory note issued by OJSC Processing KG, a payment organisation licensed by the National Bank of the Kyrgyz Republic.
The exporter ships the goods - the importer pays with an electronic promissory note
How it works
Opening client accounts
- Sign up on the VexPay platform through a convenient desktop or mobile interface
- Invite your counterpart to join
- Onboarding and KYB/compliance checks are fast and easy
Purchase of the electronic promissory note
- The importer (payer) buys an electronic promissory note issued by OJSC Processing KG under Kyrgyz law
- The promissory note is denominated in CNY
- Payment for the promissory note can be made in RUB, KGS or CNY
Settling the deal with the promissory note
- The importer transfers the electronic promissory note to the exporter as means of payment for goods
- The exporter receives the promissory note instantly on the VexPay platform
Withdrawal of funds
- The exporter redeems the electronic promissory note on the VexPay platform and receives CNY from Processing KG to the designated bank account
Benefits
Government-backed trust
Promissory notes are issued by Processing KG - a licensed PSP and subsidiary of the Ministry of Finance of Kyrgyzstan - regulated by the National Bank of the Kyrgyz Republic.
Instant and electronic
Fully electronic issuance, transfer and redemption. Transfers between registered clients settle on-platform in real time - quick payment, no waiting on correspondent chains.
Recognized worldwide
Built on the promissory-note framework of the Geneva Convention of 1930 - ratified by some 30 states and embedded in the national law of many more, so the instrument is recognized across most major trading jurisdictions.
Compliant and stress-free
Fast, reliable execution under the umbrella of a government-owned licensed company - in strict compliance with AML regulations and all applicable rules, including sanctions and PEP screening and continuous transaction monitoring.
Use cases
Buying equipment in China
The importer buys a CNY-denominated promissory note for roubles or soms and settles with the Chinese supplier - no bank wire, no correspondent chains.
Export proceeds without delay
The exporter receives the promissory note instantly on the platform and redeems it in CNY to their bank account whenever convenient.
Settling with several counterparties
Multiple deals and counterparties in one workspace: issuance, transfer and redemption of promissory notes with a single operations history.
Frequently asked questions
VexPay is the payment platform developed by Processing KG, a licensed non-bank Payment Service Provider owned by the Ministry of Finance of the Kyrgyz Republic. It settles international commercial contracts using electronic promissory notes issued under the Geneva Convention of 1930 and Kyrgyz law, giving both sides the credit comfort of a government-backed settlement instrument.
Processing KG is a state-owned non-bank payment institution - a subsidiary of the Ministry of Finance of Kyrgyzstan - licensed as a Payment Processing Company and Payment Service Provider and regulated by the National Bank of the Kyrgyz Republic (NBKR).
It is a negotiable payment instrument - an unconditional promise by the issuer (Processing KG) to pay a stated sum. VexPay issues, transfers and redeems the promissory note entirely electronically on the platform, so there is no paper and no physical delivery. The instrument follows the promissory-note framework of the Geneva Convention of 1930 and Kyrgyz law.
Promissory notes are currently issued in Chinese yuan (CNY). The payer purchases a CNY-denominated promissory note from Processing KG, and the counterparty redeems it for cash on the platform. The payment is made by Processing KG to the bank account designated by the redeeming counterparty.
Because it is built on the promissory-note framework of the Geneva Convention of 1930, which has been ratified by around 30 states and embedded in the national law of many more. This means the instrument is recognized across most major trading jurisdictions.
Issuance, transfer and redemption are fully electronic. Between two registered clients, the transfer of ownership of the promissory note is instant - there is no waiting on correspondent-banking chains. Accordingly, clients get additional credit comfort compared with standard SWIFT transfer confirmations.
VexPay is designed for corporate clients settling international commercial contracts for goods, works or services.
The counterparty who holds the promissory note redeems it through the VexPay platform and receives cash from Processing KG. Because Processing KG is the issuer, the counterparty is looking to a government-owned licensed company for payment.
Yes. Transactions are executed under the umbrella of a government-owned licensed company in strict compliance with applicable AML regulations. This includes sanctions and PEP (politically exposed person) screening and continuous transaction monitoring.
Still have questions?
Joining the platform is self-service - just hit «Register». If you need advice on a deal, pricing or compliance, drop us a line.