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Payment and Settlement Systems The Central Bank of the Russian Federation Payment and Settlement PSS Systems Analysis and Statistics No. 36 Russian Payment System in 2011 2013 © The Central Bank of the Russian Federation, 2007 107016 Moscow, Neglinnaya St., 12 Compiled by the Bank of Russia National Payment System Department, using data provided by the Cash Circulation Department, the Balance of Payments Department, as well as other organizations. E-mail: [email protected], tel. (495) 771-45-64, fax (495) 771-97-11 This survey was prepared for print by the Periodicals Division of the Bank of Russia Press Service. This survey is available on the Bank of Russia website at: http://www.cbr.ru Printed by Ltd. “Printing Complex Tochka” Phone (495) 995-52-80, www.pc-t.ru RUSSIAN PAYMENT SYSTEM IN 2011 Contents Chapter 1. PAYMENT SERVICES PROVIDED BY THE BANKING SYSTEM OF RUSSIA ............................ 7 1.1. Cash means of payment ........................................................................................... 8 1.1.1. Cash ............................................................................................................. 8 1.1.2. Banknotes and coin in circulation .................................................................... 8 Box 1. Managing the cost of cash ................................................................... 9 1.1.3. Cash turnover structure ................................................................................ 10 Box 2. Reasons for use of cash and success factors of new payment instruments ................................................................................................. 11 1.2. Payment instruments ............................................................................................. 15 1.2.1. General characteristics of non-cash payments effected in the national payment system ........................................................................................... 15 1.2.2. Credit transfers ............................................................................................ 16 Box 3. Letters of credit worldwide .................................................................. 18 1.2.2.1. Payment systems activities in money transfers without opening a bank account ............................................................................................ 19 1.2.2.2. Cross-border money remittances by individuals ................................. 20 Box 4. New in legislation: direct debits ........................................................... 22 1.2.3. Direct debits ................................................................................................ 22 1.2.4. Bank cards .................................................................................................. 23 Box 5. Card frauds ....................................................................................... 25 1.2.5. Cheques ..................................................................................................... 26 1.2.6. Bank orders ................................................................................................. 26 Box 6. Regulation of electronic money in Russia ............................................. 27 Box 7. E-money use in the European Union .................................................... 27 1.3. Methods of effecting payments .............................................................................. 28 1.3.1. Methods of forwarding payments to credit institutions and the Bank of Russia ...... 28 Box 8. Bank orders ....................................................................................... 29 Box 9. Attitude of Russian citizens towards remote banking services: barriers and incentives for use .................................................................................. 30 1.3.2. Methods of effecting payments by credit institutions ....................................... 32 Box 10. Automated clearing house: international experience ........................... 33 Box 11. The use of the SWIFT system in Russia in 2011 ................................... 34 1.4. Accessibility of payment services ............................................................................ 35 1.4.1. Payment infrastructure of the banking system of Russia .................................. 35 1.4.2. Devices of credit institutions used in effecting payments ................................. 37 Chapter 2. RUSSIAN PAYMENT SYSTEMS AND FINANCIAL MARKET INFRASTRUCTURES ................. 41 2.1. The Bank of Russia Payment System is the key element of the national payment system .................................................................................................42 2.1.1. Bank of Russia Payment System operation ..................................................... 42 2.1.2. The Banking Electronic Speedy Payment system (BESP system) ..................... 43 2.1.3. Ensuring efficiency and continuity of the Bank of Russia Payment System operation .................................................................................................... 43 5 ANALYSIS AND STATISTICS — No. 36. 2013 2.2. Financial market infrastructures .............................................................................. 45 2.2.1. Changes in the post-trade infrastructure ........................................................ 46 2.2.2. Clearing and settlement indicators................................................................. 47 2.2.2.1. Clearing .......................................................................................... 47 Box 12. Commodity exchanges ..................................................................... 47 Box 13. Clearing of liabilities and payments .................................................... 48 Box 14. Algorithmic trading ........................................................................... 49 2.2.2.2. Settlements .................................................................................... 50 Box 15. Individual indicators of post-trade infrastructure functioning ................ 51 Box 16. Settlement risk ................................................................................ 52 2.2.2.3. Quantitative characteristics of post-trade infrastructure functioning ..... 52 ADDENDUM ................................................................................................................................ 53 PAYMENT SERVICES PROVIDED BY CREDIT INSTITUTIONS BY REGION ........................................... 55 ANALYSIS AND STATISTICS — No. 36. 2013 6 Chapter 1. PAYMENT SERVICES PROVIDED BY THE BANKING SYSTEM OF RUSSIA 7 ANALYSIS AND STATISTICS — No. 36. 2013 In 2011, the national payment system development met Chart 1.1. Russia’s socio-economic indicators the growing needs of the economy. It was given a fresh im- (2009 = 100%) petus to upgrade by the conceptual reform of relevant le- 220 6.0 gislation following the adoption of Federal Law No. 161-FZ 200 5.0 Tr of June 27, 2011, “On the National Payment System.” The 180 4.0 illion reform made it possible to fill up regulatory gaps that had rubles % 160 3.0 appeared in recent years due to advances in information 140 2.0 technology and new participants on the payment services 120 1.0 100 0.0 market; describe problems that confronted the payment 2009 2010 2011 systems, formulate requirements for the institutions that M0 annual average (right-hand scale) Consumer loan growth rate (left-hand scale) supported their functioning, and define Bank of Russia su- Nominal GDP growth rate (left-hand scale)* pervisory and oversight mandates in the national payment Monthly average growth rate of per capita consumer loans (left-hand scale)* system. *Source: Rosstat. 1.1. CASH MEANS OF PAYMENT Chart 1.2. Russian Federation: the structure of money supply (M2) 1.1.1. Cash Amid growing Russian economy, household incomes 36 27 34 24 and credit in 2011, consumer demand and final consump- 32 21 tion spending increased. These factors contributed to a 18 Tr 30 illion 15 higher demand for cash. % 28 12 rubles As of end of 2011, 5.9 trillion rubles circulated outside 26 9 24 6 the banking system (M0), with annual growth equalling 22 3 17.3%. While M2 money supply rose by 22.6%, share of 20 0 4 7 6 5 9 0 2 8 1 cash fell by one percentage point as compared with the 00 00 00 00 00 01 01 01 .2 .200 .2 previous year (up to 24.2% at the beginning of 2012), 01.2 01 01 01.2 01.2 01.2 01 01.2 01.2 1. 1. 1. 1. 1. 1. 1. 1. 1. which was due to higher growth rates of non-cash funds Cash (M0) (right-hand scale)Non-cash (right-hand scale) (24.5%). Share of M0 in М2 (left-hand scale) In per capita terms, the average value of cash circulat- ing outside banks increased by 20.7% to 38,500 rubles (an Chart 1.3. The share of certain notes in the total value annual increase of US$ equivalent from $1,050 to $1,200). of banknotes, as of end of 2011* The value of cash remained stable relative to nominal GDP, which expanded by 20.8%; like in the previous years, there 1,000 rubles were 10 cash rubles per 100 rubles of GDP on average. 34.1% 1.1.2. Banknotes and coin in circulation 500 rubles 6.7% As of end of 2011, Bank of Russia banknotes worth 100 rubles 1.6% 6,903.0 billion rubles (including cash at the cash offices 50 rubles of Bank of Russia branches) were in circulation, including 0.5% coins made of precious metals. Of this amount, banknotes 5,000 rubles had a total value of 6,854.3 billion rubles (6.3 billion sheets) 57.0% and coins were valued at 48.5 billion (51.1 billion pieces1). * 5- and 10-ruble
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