Transcript Presentation title

Rouble Settlements via SWIFT
Steven Palstermans
Head of Russia, CIS & Mongolia
Seventh International Ruble Settlement Forum
Agenda
• Some statistics
• Rouble Settlements via
correspondent banking
• The Russian RTGS and SWIFT
• Bulk Payments solution for Rouble Clearing
2
Traffic Share in the Region
TM
0%
TJ
0%
UZ
1%
UA
8%
AZ
3%
KG
BY
1%
KZ
5% GE
4%
1%
MD
1%
MN
0%
RU
76%
3Data
3Q09
Source: FIN_MTR
Msg Sent
Messages per Market
Treasury
8%
Trade
0%
Russia
Securities
11%
Payments
81%
Treasury
8%
Europe Eastern
Trade
1%
Securities
9%
Payments
82%
4Data
4Q09
Payments
Securities
Treasury
Trade
Total
Growth
4Q09
Payments
Securities
Treasury
Trade
Total
Growth
1%
-15%
-31%
-15%
-5%
-1%
-14%
-30%
-14%
-6%
4Q09
Source: FIN_MTR
Russia : Domestic Traffic per Market
11%
-14%
-18%
5
-47%
Agenda
• Some statistics
• Rouble Settlements via
correspondent banking
• The Russian RTGS and SWIFT
• Bulk Payments solution for Rouble Clearing
6
Payments Market Practice Group
• Under the auspices of the Russian National SWIFT Association
(User and Member Group together) guidelines have been
worked out on how to use the ISO-Standards to do Rouble
Payments: “RUR-6 guidelines”.
• Includes – amongst others – the MT 101, 103, 202, 205, 210,
category 9 messages and n92, n95 & n96 messages.
• Includes transliteration table.
• Currently version 6.
• Available on swift.ru
7
Issue(s) with RUR-6.
• They are not mandatory.
• Not all banks are using latest version, so banks have to support
different versions, depending on their counterparts.
• The Central Bank’s Payment Order is not fully in line with the
ISO-Standards from point of view of number of characters to be
used for fields and Bank Identifiers.
8
Agenda
• Some statistics
• Rouble Settlements via
correspondent banking
• The Russian RTGS and SWIFT
• Bulk Payments solution for Rouble Clearing
9
History
• Central Bank of Russia & SWIFT signed a Memorandum of
Understanding on the fact that the SWIFT communication
platform would be proposed to the RTGS participants as
parallel communication channel for the Russian RTGS.
• Technically solution to support SWIFT as RTGS channel has
been implemented.
• Based on some extra requirements from the National Security
Service, the converter for Central Bank of Russia proprietary
formats to ISO-formats and vice versa is being finalised.
10
Message Flow Russian RTGS
CB of Russia
Payments Application
CB of Russia
VPN
Converter
CB of Russia –
ISO Formats
and vice versa
Live in 2011
(according
to CBR)
SWIFT Backbone
Network
Direct
Participants
Indirect
Participants
11
Current status
• Closed User Group (CUG) will be created for the Russian
RTGS over SWIFT.
• V-shape will be used.
• Pilot project will start with 4 BESP Direct Participants.
• Central Bank of Russia and SWIFT will set up joint Standards
Working Group.
• Target is – depending on results of pilot – to go live by end of
2010.
Sixth Ruble Settlement Forum – Moscow - 091110
12
Agenda
• Some statistics
• Rouble Settlements via
correspondent banking
• The Russian RTGS and SWIFT
• Bulk Payments solution for Rouble Clearing
13
Overview of the Bulk Payments offering
Central bank
High-value payment MI
Participants
Direct Participants
Low-value payment MI
ACH
Indirect Participants
SWIFT offering in LVP
Messaging platform and standards
supporting
• The processing and the exchange of
Low Value Payments flows
between
• The MI and its participants, or
• Participants in bilateral
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Bulk Payments Components
Bulk Payments is aiming at harmonising exchange of bulk payments,
in order to decrease development costs and facilitate interoperability
between payments systems
1. Standards
Proprietary or UNIFI ISO 20022 standards
2. Messaging
FileAct
InterAct for single/urgent messages
3. Rulebook
Promoting market best practices and
increased harmonisation
4. Pricing
Price per payment leg
15
Thank you
Steven Palstermans
Head of Russia, CIS & Mongolia
SWIFT
Avenue Adele 1
B-1310 La Hulpe
Belgium
T
D
F
M
E
W
+32 2 655 3111
+32 2 655 4099
+32 2 655 3752
+7 903 1646095
[email protected]
swift.com
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