Cross–currency cash transfers at the Russian NSD have been made more reliable thanks to a new conversion service.
Since 1 March, the National Settlement Depository (NSD), Russia’s central securities depository, provides credit organisations with a new conversion service allowing the processing of client cross-currency settlements on a payment versus payment (PVP-1) basis.
PVP basis assumes that NSD simultaneously settles a participant’s cash transfer in one currency and another participant’s cash transfer in a matching currency for FX conversion. PVP operations can be conducted only across correspondent accounts and trust management accounts opened by credit organisations with NSD.
Payment versus payment transactions may be executed in RUB, USD, CHF, GBP, CNY and HKD.
Contact:
Yuliya Shibukova
Relationship Manager
GSS Russia
Yuliya.Shibukova@unicredit.ru