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Payment Systems in Russia

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Payment Systems in Russia Committee on Payment and Settlement Systems Payment systems in Russia Prepared by the Bank of Russia and the Committee on Payment and Settlement Systems of the central banks of the Group of Ten countries September 2003 Copies of publications are available from: Bank for International Settlements Press & Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2003. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISBN 92-9131-656-3 (print) ISBN 92-9197-656-3 (online) Foreword The Committee on Payment and Settlement Systems (CPSS) periodically publishes - under the aegis of the Bank for International Settlements (BIS) - reference works on payment systems in various countries, widely known as Red Books. As part of this series, the present volume, the first edition of the Red Book for Russia, is a further important step towards increasing our understanding of the way payment systems work in different countries. Properly functioning payment systems enhance the stability of the financial system, reduce transaction costs in the economy, promote the efficient use of financial resources, improve financial market liquidity and facilitate the conduct of monetary policy. In recent years, issues relating to the financial risks and efficiency of all types of payment systems have come to the fore. Central banks have a strong interest in promoting safety and improving efficiency in payment systems as part of their responsibilities towards the currency (facilitating its use as means of exchange) and given their overall concern with financial stability and efficiency. Because of this, central banks are influential in improving public understanding of the payment and settlement arrangements in their countries. They also play an important role in domestic payment system development and, in many cases, central banks themselves operate key payment systems. We hope this volume will contribute to the general understanding and awareness of payment systems in Russia, both domestically and internationally. Tommaso Padoa-Schioppa Sergey M Ignatiev Chairman, Committee on Chairman Payment and Settlement Systems Bank of Russia CPSS - Payment systems in Russia, 2003 iii Contents Foreword ................................................................................................................................................. iii Abbreviations.......................................................................................................................................... vii Introduction...............................................................................................................................................1 1. General legal aspects ....................................................................................................................1 2. Institutional aspects........................................................................................................................2 2.1 The role of credit organisations ...........................................................................................2 2.1.1 Banks .........................................................................................................................2 2.1.2 Settlement non-bank credit organisations (settlement NCOs) ..................................4 2.2 Role of the Bank of Russia ..................................................................................................4 2.2.1 Organisation of cashless payments ..........................................................................5 2.2.2 Organisation of cash circulation ................................................................................5 2.3 Role of other private and state organisations ......................................................................6 2.3.1 Federal Treasury .......................................................................................................6 2.3.2 Postal service ............................................................................................................6 2.3.3 Stock exchanges .......................................................................................................7 2.3.4 Depositories...............................................................................................................7 2.3.5 Agency for Restructuring Credit Organisations .........................................................8 2.3.6 Russian banking associations ...................................................................................8 2.3.7 Russian National SWIFT Association........................................................................9 3. Payment instruments ...................................................................................................................10 3.1 Cash payments ..................................................................................................................10 3.2 Cashless payments............................................................................................................10 3.2.1 Payments by payment orders..................................................................................10 3.2.2 Payments by letters of credit ...................................................................................11 3.2.3 Payments by collection............................................................................................11 3.2.4 Cheque payments ...................................................................................................11 3.2.5 Payment cards.........................................................................................................12 4. Interbank payment systems .........................................................................................................12 4.1 General overview ...............................................................................................................12 4.2 Payment system of the Bank of Russia.............................................................................13 4.2.1 Electronic payments ................................................................................................13 4.2.2 Paper-based payments ...........................................................................................14 4.3 Payment systems of credit organisations for settlements across correspondent accounts opened with other credit organisations ..............................................................15 4.4 Intrabank payment systems for settlements between branches of the same credit organisation .......................................................................................................................15 4.5 Payment systems of settlement NCOs..............................................................................16 4.6 Pricing policy......................................................................................................................16 CPSS - Payment systems in Russia, 2003 v 5. International payments ................................................................................................................ 17 5.1 International interbank payments...................................................................................... 17 5.2 Traveller’s cheques ........................................................................................................... 18 5.3 Payment cards .................................................................................................................. 18 6. Securities settlement systems..................................................................................................... 18 6.1 Securities........................................................................................................................... 18 6.2 Settlement system of the Moscow Interbank Currency Exchange and the Organised Market of Securities and Other Financial Assets.............................................................. 19 6.3 Settlement system of the RTS Fund Exchange ................................................................ 20 6.4 National Depository Centre ............................................................................................... 20 7. Major projects under implementation .......................................................................................... 21 Statistical tables..................................................................................................................................... 25 Comparative tables................................................................................................................................ 37 vi CPSS - Payment systems in Russia, 2003 Abbreviations ARCO Agency for Restructuring Credit Organisations BIC Bank Identification Code BoRB Bank of Russia bond DVP Delivery versus payment FCSM Federal Commission on the Securities Market GKO State short-term, non-coupon bond InterEP Inter-regional electronic payments IntraEP Intraregional electronic payments MICEX Moscow Interbank Currency Exchange NCO Non-bank credit organisation NDC National Depository Centre OFZ Bond of federal loan OMS Organised Market of Securities and Other Financial Assets RTS Russian Trade System SP Settlement participant CPSS - Payment systems in Russia, 2003 vii Introduction With
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