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

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Presentation on theme: "Bolshakov Mikhail London, 9th IRSF April 12, 2011 BESP (Russian RTGS) implementation: up-to-date state and development perspectives."— Presentation transcript:

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

2 Content 1.Bank of Russia payment system development concept 2.Financial market infrastructures (FMI) and Bank of Russia payment system interaction instruments 3.Access to the BESP system through SWIFT transport 4.Negotiations with CLS Bank International for rouble inclusion 2

3 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.

4 4 Bank of Russia payment system development prospect (centralization) 2011 year2013 year From regionally localized to fully centralized structure From general-purpose functionality to specialized services for urgent and non-urgent payment federal component offsetting of non-urgent payments RC-78RC-77RC-…RC-2RC-1 interlinking 1.

5 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 1. 5

6 6 BESP system evolution 4 th quarter 2010 4 th quarter 20084 th quarter 2009 1. Payments volume

7 BESP system evolution 1. 7

8 Bank of Russia payment system tariffs Type of serviceRUBEUR (1:40) Intraregional electronic payments7-20 1 0.175-0.5 Interregional electronic payments8-24 1 0.2-0.6 Payments carried out through the BESP system express payments of direct participants30 0.75 regular payments of direct participants25 0.625 regular payments of associated participants20 0.5 Information services in the BESP system9-13 0.225-0.325 1. Discount rates in the BESP system Number of paymentsDiscount rate, % from 301 to 5004 from 501 to 10005 over 10006 1 - depending on the transmission time period 8

9 FMI are simple clients in BESP system –Now FMI are represented by NSD and 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 2. Peculiarities in FMI and Bank of Russia payment system interaction 9

10 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 2. 10

11 Preliminary REPO implementation scheme DSP Bank of Russia CI 2. NSDMICEX 11

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

13 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 3. 13

14 SWIFT transport BESP system The model of new SWIFT compatible instrument utilization in payment instructions flow SWIFT participants Including non-residents Payment system BoR DSP Credit Institutions Instruments Organizations Payment instruction 0401070 STP translation to 0401070 0401070 MT103 MT202 3. 14

15 Payment instruction 0401070 SWIFT transport BESP system The model of new SWIFT compatible instrument utilization in payment instructions flow SWIFT participants Including non-residents DSP Credit Institutions STP translation to MT103,MT202 0401070 MT103 MT202 3. Payment system BoR Instruments Organizations 15

16 Negotiations with CLS Bank International for rouble inclusion 4.4. Estimate rouble inclusion in CLS – 2 years 16

17 Thank you for attention!


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