A new centralised RUB payment system will be implemented by the Central Bank of Russia this summer
The Perspective Payment System (PPS), built on a single centralised IT platform based on ISO 20022 standards, will replace the existing payment framework formed by the RTGS and Batch systems.
The main features of PPS are the following:
- Urgent payment service will become available not only for RUB payments for an amount over RUB 100 million (as currently processed by the RTGS system) but also for payments marked “Urgent” and will be processed by PPS in real-time;
- Non-urgent payment service is expected to operate in clearing batches running 30 minutes each;
- PPS will allow the specification of the processing date and time.
Netting of payments:
- PPS will perform multilateral payments netting. Urgent and Non-urgent payment services will be netted separately with the consolidation between both to be performed several times a day.
The timeframe for processing payments through PPS will be from 1:00 am to 9:00 pm (Moscow time). PPS will be implemented as of 2 July and participants are expected to be migrated to the new system by stages between July and November 2018.
Global Securities Services Russia