National Payment System

 

On 29 June 2012 the Central Bank issued Regulation No. 384-P “On the Payment System of the Bank of Russia.”

The Regulation was registered with the Ministry of Justice on 4 July 2012.

The Regulation was adopted following Federal Law No. 161-FZ “On the National Payment System” dated 27 June 2011 (please see our update for 20 June – 10 July 2011). It establishes the rules for the functioning of the payment system of the Bank of Russia, in particular:

  • in order to make transfers, a lending organization located in the territory of Russia must have one correspondent account with a subdivision of a settlement network of the Bank of Russia at its location; in order to make transfers via its branch, the lending organization may have one correspondent subaccount with a subdivision of a settlement network of the Bank of Russia at the location of each of its branches;
  • the Bank of Russia functions as the operator of services for the payment system infrastructure and the operator for the transfer of funds; and
  • transfers of funds are made via the following forms of cashless settlement: settlements by payment orders, by collection orders and by transfers upon request of a payee (direct debiting); the Bank of Russia provides services of urgent and non-urgent transfers; the instructions for transfers are drawn up in an electronic or paper form.

The Regulation also establishes the time schedule of the functioning of the payment system of the Bank of Russia.

The Regulation entered into force on 22 July 2012 (save for a few provisions that will enter into force later) and abolished a number of Central Bank regulations on the same matter, including rules regarding settlements via correspondent accounts opened with the Central Bank contained in Regulation No. 2-P “On Cashless Payment Settlements in the Russian Federation”.

For further information please contact Igor Ostapets or Irina Dmitrieva in the Moscow office of White & Case, tel + 7 495 787 3000 .

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