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Anticipated changes in BESP system of CBR

Anticipated changes in BESP system of CBR. Vladimir Kulipanov 10 th IRSF, MICEX, Moscow November 1, 2011. Launch Date of BESP. July 1, 2007.

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Anticipated changes in BESP system of CBR

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  1. Anticipated changes in BESP system of CBR Vladimir Kulipanov 10th IRSF, MICEX, Moscow November 1, 2011

  2. Launch Date of BESP • July 1, 2007. All regulated documents were adopted and became effective by that date. Technical preparations were finished. The first participants were in. The system started, however there were no payments until… • December 21, 2007 The first few payments came through. V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  3. All Russian credit institutions became BESP members BESP system Non-bank AP Bank DP CBR Branches Bank V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  4. All Russian credit institutions became BESP members BESP system Non-bank AP Bank DP CBR Branches Bank AP V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  5. Federal Treasury became BESP member BESP system Bank DP Non-bank AP CBR Branches Bank AP V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  6. The vision of development The Concept for the CBR’s payment system development has been adopted by the Board of Directors of CBR V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  7. BESP for CBR Bank of Russia started to utilize BESP for it’s own market operations CBR V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  8. BESP share in Bank of Russia payment system 8 V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  9. New transport facilities BESP V – shape scheme new payment instrument Conversion SWIFT formats 2011 2011 Bank of Russia VPN SWIFT transport Participant Participant Participant V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  10. Last but not least… It is time to celebrate the anniversary (10th IRSF) V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  11. Eliminating long holidays BESP system will be available BESP system will not be available V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  12. BESP BESP - FMIs interface FMI INTERFACE MICEX GROUP (DVP) To raise extra liquidity in the BESP system in real time mode(intraday REPO with the Bank of Russia on a DVP basis) V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  13. The BESP present-time schedule of business day Preliminary phase Final phase Regular phase 21-30 08-00 09-00 21-00 Moscow time (GMT+3) V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  14. Anticipated extension of business day Preliminary phase Final phase Regular phase 21-30 01-00 02-00 08-00 09-00 21-00 22-00 Moscow time (GMT+3) V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  15. News in 2-P Regulation Under discussion … If the originator of the payment instruction is non RF resident (client or bank), then the correspondent RF resident Beneficiary Bank will be allowed at its own discretion and its own risk to neglect the discrepancies between the text field “Beneficiary Name” and the true name of the Beneficiary. This opportunity should be put in the Banking Account Contract between the Beneficiary and the Beneficiary Bank in advance. V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  16. New form of payment order Under construction … This form will enable indication of intermediary banks (up to 3) in addition to Originator Bank and Beneficiary Bank. This form and the mapping fields allow 100% STP conversion from SWIFT MT103 and SWIFT MT202 to CBR formats and vice versa. V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  17. Negotiations withCLS Bank International for rouble inclusion The plans for further development of FM in Russia envisage joining CLS system. The first bilateral seminar is scheduled for late November 2011. 17 V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011

  18. Thank you for attention!

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