Unistream Explained

Unistream
Type:Joint-stock company
Industry:Banking
Founded:2001
Hq Location City:Moscow
Hq Location Country:Russia
Key People:Kibalnik Nadezhda Nikolaevna
(Chairman of the Board),
Ksenia Mikhailovna Chernysheva
(President of the money transfer system)
Website:http://unistream.ru/

UNISTREAM (Russian: ЮНИСТРИМ), sometimes written UNISTREAM Bank, is an international money transfer company and bank based in Russia.[1] [2] [3]

The service was originally a department of Uniastrum Bank, but in 2006 became a separate company, with its own banking license.

Unistream has operations at 335,000 locations in over 100 countries.[4]

History

The Unistream system began functioning as a department of Uniastrum Bank in 2001. The system entered the market, offering tariffs from 1%.

In 2005, the management of Uniastrum Bank made a decision to spin off the system into a separate business. On May 31, 2006, the Central Bank of Russia registered CB Unistream OJSC under No. 3467 and on August 16, 2006, issued a banking license to Unistream CB OJSC.

In November 2006, a 26% stake in the British company Aurora Russia Limited was sold. This deal provided an inflow of $20 million and made the foreign company a co-investor in the business.[5]

The Unistream system is a co-founder of the National Payments Council, founded under the auspices of the Central Bank of the Russian Federation and ARB.

According to the results of 2013, Unistream was named “The Best Money Transfer System in Eastern Europe” by International Finance Magazine. 2012 - laureate of IAMTN (International Association of Money Transfer Systems) and Global Banking & Finance Review Awards.

In February 2015, the Expert RA rating agency confirmed the credit rating of JSC CB Unistream on the national scale at the A + level "Very high level of creditworthiness", the forecast is "stable", the second sublevel, and also assigned a rating on the international scale " BBB− "Moderately high level of long-term creditworthiness", outlook "stable".

At the end of 2015, Unistream launched a service for online transfers from bank cards on its own website.

In October 2016, Ukraine banned operations of Unistream and all other Russian payment systems as part of its sanction policy against the "Russian military intervention in Ukraine".

Since 2016, Unistream has been cooperating with the money transfer network Moneyto Ltd,[6] which acquired the rights to use the Unistream Money Transfer trademark in the European Union.[7]

After the Visa and Mastercard payment systems left Russia in March 2022 after the Russian invasion of Ukraine, Unistream became one of the most popular money transfer services for the large number of Russians who departed for “near abroad” countries, such as Armenia, Georgia and Kazakhstan. However, on July 20, 2023, the United States imposed sanctions against Unistream Bank and, accordingly, the payment system.[8] After that, banks in neighboring countries, fearing secondary sanctions, began one after another to refuse to accept or send transfers or limit them to rubles. The payment system promised to develop an alternative solution for cross-border payments.

Sanctions

On 20 July 2023, Unistream Bank, came under US sanctions, resulting in a number of banks ceasing operations with Unistream.[9]

As of July 25, the Armenian banks Ardshinbank, Converse Bank, Armeconombank, IDBank, Evokabank, Inecobank, the main Georgian banks - Bank of Georgia, Liberty, TBC, BasisBank, Credo Bank, the Kazakh postal system Kazpost and Freedom Finance Bank, the Kyrgyz DemirBank, the largest banks in Moldova - Agroindbank, Moldinkombank, Victoriabank suspended using Unistream.[10] [11] [12] [13]

Immediately after the announcement of sanctions in July, Unistream Bank announced that it would develop an alternative channel for transfers abroad in order to continue to operate as before. Representatives of the bank noted that they have developed an infrastructure solution that allows uninterrupted continuation of interaction with partners as usual and that this solution will be implemented as soon as possible. No specific dates were specified.[14]

Shareholders

Activity

Board of directors

External links

Notes and References

  1. News: Areximbank-Gazprombank Group joins Unistream money transfer system. 25 May 2012. PanARMENIAN.Net. 17 June 2012. The system enables instant money transfers to CIS states, as well as foreign countries: USD, Euro and Ruble transfers are possible..
  2. News: Rostelecom, Unistream to cooperate on financial services. May 24, 2012. Telecompaper.
  3. News: "Юнистрим" уйдет в Непал. "Unistream" will leave to Nepal. August 27, 2010. Все банки Петербурга Все банки Санкт-Петербурга www.bankspb.ru. June 17, 2012. March 17, 2016. https://web.archive.org/web/20160317070951/http://www.bankspb.ru/news/5572?sphrase_id=2870295. dead.
  4. News: October 24, 2013. Flagship UNISTREAM outlet opened in Moldova. CISTRAN Finance. Chicago, Ill.. January 3, 2014.
  5. Web site: "Юниаструм Банк" продал 26-процентный пакет акций "Юнистрима" компании Aurora Russia Limited. 2006-12-01. Finmarket.ru. 2019-03-06.
  6. Web site: MoneyTO. MoneyTO. en. 2018-09-28.
  7. News: Moneyto acquired rights to Unistream Money Transfer brand in EU.. Mynewsdesk. 2018-09-28. en. 2018-09-28. https://web.archive.org/web/20180928200747/http://www.mynewsdesk.com/uk/pressreleases/moneyto-acquired-rights-to-unistream-money-transfer-brand-in-eu-1351758. dead.
  8. Web site: Treasury Sanctions Impede Russian Access to Battlefield Supplies and Target Revenue Generators. 2023-07-20. United States Department of the Treasury.
  9. Web site: Some Uzbek banks suspend operations with Unistream money remittance system . 25 July 2023.
  10. Web site: Armenian banks suspend transactions using Unistream payment system. 2023-07-24. TASS.
  11. Web site: Kazpost Suspends Transfers Using Unistream Payment System. 2023-07-25. qazmonitor.com.
  12. Web site: Крупнейшие банки Молдавии приостановили работу с системой денежных переводов "Юнистрим". ru. 2023-07-25. TASS.
  13. Web site: Banks in Central Asia, Caucasus Suspend Cooperation With Russia's Unistream. 2023-07-25. Radio Free Europe/Radio Liberty.
  14. "Что будет с переводами после санкций против «Юнистрим» и «Тинькофф Банка»". vbr.ru. (in Russian).
  15. Web site: Юнистрим — банк с универсальной лицензией. ARB.RU. 2019-03-06.
  16. Web site: Memberships. Cookies policy International Association of Money Transfer Networks. en. 2019-03-06.
  17. Web site: Украина запретила деятельность Золотой Короны и других платежных систем из РФ . 2016-10-18 . https://web.archive.org/web/20161029044545/https://news.mail.ru/economics/27482781/ . 2016-10-29 .
  18. Web site: ЮНИСТРИМ — банк с универсальной лицензией . 2022-07-12 . ARB.RU.