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Bolshakov Mikhail London , 9th IRSF April 12, 20 11

BESP (Russian RTGS) implementation :. up-to-date state and development perspectives. Bolshakov Mikhail London , 9th IRSF April 12, 20 11. Content. Bank of Russia payment system development concept

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Bolshakov Mikhail London , 9th IRSF April 12, 20 11

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  1. BESP (Russian RTGS) implementation: up-to-date state and development perspectives Bolshakov Mikhail London, 9thIRSF April 12, 2011

  2. Content • Bank of Russia payment system development concept • Financial market infrastructures (FMI) and Bank of Russia payment system interaction instruments • Access to the BESP system through SWIFT transport • Negotiations withCLS Bank International for rouble inclusion 2

  3. Bank of Russia payment system development. Steps done. Bank of Russia payment system development concept till 2015 Approved by the Board of Directors of the Central Bank of the Russian Federation (Protocol No. 16 of July 16, 2010) Nearly all CI became BESP members All credit institutions, which were not in liquidation process, automatically joined BESP system on August 27, 2010. 1. 3

  4. Bank of Russia payment system development prospect (centralization) RC-1 RC-2 RC-… RC-77 RC-78 interface BESP BESP 1. interlinking federal component offsetting of non-urgent payments 2011 year 2013 year From regionally localized to fully centralized structure From general-purpose functionality to specialized services for urgent and non-urgent payment 4

  5. 1. Main goals on the first development stage • Introduction of uniform working time • Choice of the manner of liquidity distribution between BESP and Federal component system • Choice of the settlement rules in Federal component system • Choice of participants inclusion rules into BESP and Federal component system 5

  6. BESP system evolution 1. 4th quarter 2008 4th quarter 2009 4th quarter 2010 Payments volume 6

  7. 1. BESP system evolution 7

  8. 1. Bank of Russia payment system tariffs 8 1- depending on the transmission time period

  9. 2. Peculiarities in FMI and Bank of Russia payment system interaction FMI are simple clients in BESP system • Now FMI are represented by NSDand MICEX indirectly Peculiarities in interaction with BESP system • Liquidity distribution • Limited set of payment instruments (even without direct debit) • Absence of special instruments for DvP, PvP schemes implementation 9

  10. 2. FMI and Bank of Russia payment system interaction instruments • Direct debit instrument in BESP system • For Bank of Russia own operations • To simplify interaction of FMI and participants • REPO implementation for BESP and NSD clients 10

  11. BESP 2. Preliminary REPO implementation scheme Bank of Russia DSP CI NSD MICEX 11

  12. New transport facilities 3. V – shape scheme BESP FIN – main interaction Conversion new payment instrument FileAct, MT999 – users directory 2011 MT103 – payments SWIFT formats MT992, MT995 – queries 2011 MT996, MT998 – answers Bank of Russia VPN SWIFT transport MT900, MT910 – debit/credit approval DSP DSP, ASP MT202 – with new payment instruction Participant Participant Participant CLS bank (2013?) 12

  13. 3. New payment instruments • Payment Instruction STP compatible with SWIFT formats • Fields length compatible • STP rules of field to field content conformity • New rules of payment instruction processing increasing STP level • Fund transfer decision on digital requisites • Execution of payment instructions with fields in English for payments that are not own bank payments 13

  14. The model of new SWIFT compatible instrument utilization in payment instructions flow Credit Institutions SWIFT participants Including non-residents STPtranslation to 0401070 DSP Payment instruction0401070 BESP system 3. Organizations MT103MT202 SWIFT transport Instruments 0401070 Payment system BoR 14

  15. The model of new SWIFT compatible instrument utilization in payment instructions flow Credit Institutions SWIFT participants Including non-residents STPtranslation toMT103,MT202 DSP Payment instruction0401070 BESP system 3. Organizations MT103MT202 SWIFT transport Instruments 0401070 Payment system BoR 15

  16. 4. Negotiations withCLS Bank International for rouble inclusion Estimate rouble inclusion in CLS – 2 years 16

  17. Thank you for attention!

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