The Central Bank of Russia enhances the functionality of its payment system. By Yuliya Shibukova, Relationship Manager, GSS Russia
The Central Bank of Russia (CBR) has announced major changes in the functionality of its payment system, which will speed up payments and allow for better STP and quicker processing time starting from 1 January 2017.
It is envisaged that an increase in the efficiency of the payment system will be achieved through technical modifications enabling the automation of certain functions of the system as well as through changes in the start of the operational time of the system’s first batch from 7:00 to 4:00 in the morning Moscow time.
Moreover, in accordance with new requirements set by CBR for the local banks, each payment amounting to more than RUB 100 million shall be mandatorily sent via the real time gross settlement system (BESP) and shall not be any more processed through one of the five daily batches, as performed currently.
Yuliya Shibukova
Relationship Manager
GSS Russia
yuliya.shibukova@unicredit.ru