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Anticipated changes in Russian National payment system 2014-2015

Anticipated changes in Russian National payment system 2014-2015. Vladimir Kulipanov, CBR London, 15 th IRSF May 13, 20 1 4. Changes to CBR PS. June 30, 2014. BESP will open 2 hours earlier in the morning. Anticipated extension of business day. Preliminary phase. Final phase.

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Anticipated changes in Russian National payment system 2014-2015

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  1. Anticipated changes in Russian National payment system2014-2015 Vladimir Kulipanov, CBR London, 15th IRSF May 13, 2014

  2. Changes to CBR PS June 30, 2014 BESP will open 2 hours earlier in the morning V. Kulipanov 15 IRSF, London, May 13, 2014

  3. Anticipated extension of business day Preliminary phase Final phase Regular phase 21-30 06-00 07-00 09-00 21-00 Moscow time (GMT+3) V. Kulipanov 15 IRSF, London, May 13, 2014

  4. Changes to CBR PS June 30, 2014 BESP will open 2 hours earlier in the morning During the interval from 09 a.m. till 5 p.m. msk Banks will be required to credit their clients in real time, if the money transfer is executed via BESP V. Kulipanov 15 IRSF, London, May 13, 2014

  5. Anticipated extension of business day Preliminary phase Final phase Regular phase Customer must be credited in real time 21-30 06-00 07-00 09-00 17-00 21-00 Moscow time (GMT+3) V. Kulipanov 15 IRSF, London, May 13, 2014

  6. Changes to CBR PS June 30, 2014 BESP will open 2 hours earlier in the morning; During the interval from 09 a.m. till 5 p.m. msk Banks will be required to credit their clients in real time, if the money transfer is executed via BESP; New format of interbank transfer will be available for CLS Bank International, CLS settlement members, self-clearers and nostros. Proprietary format ED107 fully compatible with MT202, allowing STP. V. Kulipanov 15 IRSF, London, May 13, 2014

  7. MT202 ED107 Sender 81 Информация о банке-плательщике Receiver 82 Информация о предыдущем инструктирующем банке 52a:Ordering Institution 56a: Intermediary 83 Информация о банке-отправителе 57a: Account with Institution 84 Информация о банке-исполнителе 58a: Beneficiary Institution 85 Информация об агенте банка-получателя 72: Sender to Receiver Information 86 Информация о банке-получателе 74 Банковская информация Mapping ED 107 – MT 202 V. Kulipanov 15 IRSF, London, May 13, 2014

  8. Changes to CBR PS June 30, 2014 The CBR PS rules allow Central Bank to hire infrastructure service providers; If contracted by CBR, SWIFT becomes part of CBR PS V. Kulipanov 15 IRSF, London, May 13, 2014

  9. CLS Project The Bank of Russia interacts intensively with the CLS Bank International to on-board the Russian Rouble (RUB) to CLS. Engagement  2012 Education  2012 Due diligence  2014 Implementation 2014 Nov 2014

  10. CLS Project To be accomplished by Nov 2014 Changes to the NPS Act (National Law) • Foreign banks and central payment clearing counterparties (CPCC) are allowed to participate in CBR PS; • Protection for the accounts of CPCCs against funds arrests, seizures, attachments, and against hold up of the operations Open Correspondent Account to CLS Bank International • Implications of US HIRE FATCA Law

  11. Thank you for attention!

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