Payment system of Russia

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The Payment system of Russia

By student from 113th group

From Moscow Banking School-college

Anastasia Oskolkova

Lecturer: E.M. Volkova

Moscow

2009

Non-cash payments in the Russian Federation are carried out through the payment system of the Bank of Russia and private payment systems which are presented by intrabank payment systems for calculations between the divisions of one credit organization, by payment systems of the credit organizations for calculations under the correspondent accounts opened in other credit organizations, payment systems of the payment not bank credit organizations, and also the systems of calculations between the clients of one division of the credit organization (branch).

The bank of Russia takes a special place in the payment system of Russia. As the operator of own payment system, the bank coordinates and adjusts payable relations in Russia, carries out monitoring the activity of private payment systems, defining the fundamentals of their functioning, establishes rules, forms, terms and standards of realization of non-cash payments, and also will organize cash monetary circulation. Besides the bank of Russia develops the order of drawing up and representation of the statistical reporting describing payment system of Russia, with the purpose of increase of its transparency.

The Civil code of the Russian Federation, Federal laws of the Russian Federation concern to legal base of regulation of the payment system of Russia. Federal laws " About the Central bank of the Russian Federation (Bank of Russia) " and " About banks and bank activity ", and also the statutory acts of Bank of Russia accepted according to them are basic. The relations between Bank of Russia and its clients, and also the credit organizations and their clients are adjusted by contracts of the bank account. The specified documents form a legal basis for functioning and the further development of payment system of Russia. The bank of Russia informs bank community and the public about possible changes and additions to statutory acts, and also on accepted decisions in a direction of technical modification of the payment system of Russia.

The bank of Russia constantly pays special attention to perfection and development of the normative base providing functioning of payment system of Russia. The bank of Russia together with the Ministry of Finance of the Russian Federation and the Ministry of the Russian Federation of taxes and tax levy in 2002 prepared normative documents on unification of payment documents which realization will allow to accelerate admission of tax and other payments in the federal budget, budgets of other levels of budgetary system of the Russian Federation, the state unappropriated funds, and their transfer. With the purpose of perfection of the organization of cash monetary circulation and regulation of payments by cashes in 2002 Bank of Russia together with the Ministry of the Russian Federation of taxes and tax levy were explained, concerning established Bank of the limiting size of payments by cashes between legal persons.

The structure of payment system of Russia is resulted in figure 1.

payment bank

Each credit organization for realization of payments through payment system of Bank of Russia the correspondent account in establishment of Bank of Russia without fail opens. The credit organizations and their branches by which correspondent bank accounts of Russia are opened, are clients of Bank of Russia. The multifilial credit organizations for realization of payments between branches open accounts of interfilial payments. In the non bank credit organizations by participants of payments are both the credit organizations, and the legal persons, not being the credit organizations. For the clients - legal and physical persons - for realization of Non-cash payments accounts in the credit organizations, and on occassion, established by the legislation open, to legal persons accounts in establishments of Bank of Russia open. In 2002 the parity of the non-cash payments lead by payment system of Bank of Russia and private payment systems in payment system of the country (figure 2) practically has not changed.

The most significant thing in payment system of Russia is the payment system of Bank of Russia.

The payment system of Bank of Russia provides:

- Transfer of clients' accounts in day of receipt; in separate regions write-off and transfer of the specified means is carried out in a mode approached to a mode of real time, with granting an opportunity of their immediate use;

- An opportunity of management of liquidity by granting to the credit organizations of the intraday time credits provided by the mortgage (Moscow, St.-Petersburg, Ekaterinburg);

- Realization of actions of a monetary and credit policy of Bank of Russia through service of credit, depositary, currency and other transactions of Bank of Russia;

- Calculations on a securities market and the currency market.

The basic participants of payment system of Bank of Russia, as well as the last years, the credit organizations (branches) which share of payments has made 82,4 % by quantity and 79,5 % on volume are. The reasons on which the credit organizations (branches) prefer realization of calculations through payment system of Bank of Russia, its reliable functioning, application of modern technologies and methods of protection of the information, providing effective and reliable service of all participants of calculations, an opportunity of operative information interchange and absence of credit risks are. Processing of constantly increasing quantity of payments is provided with development of information-telecommunication systems. The structure of streams of messages in payment system of Bank of Russia corresponds to type V, the full information about payment, including data on the addressee, the credit organization serving it and purpose of payment, originally acts in Bank of Russia where there is its processing and final payments (figure is carried out 3)

At realization of electronic calculations through payment system of Bank of Russia are used as the electronic payment documents of a full format which are not demanding support by payment documents on paper carriers, and the electronic payment documents of the reduced format demanding obligatory sending payment documents on paper carriers. Efforts of Bank of Russia are directed on increase in a share of the payments made by electronic payment documents of a full format, containing the information on payment.

With a view of demonopolization of system of payments to Russia and creation of conditions for development of alternative services of a private sector, the Bank of Russia has entered since January, 1st, 1998 a payment for granting of payment services.

The tariff policy of Bank of Russia is based on firm tariffs, not dependent on the sum of the payment, established for processing of one payment document.

For stimulation of introduction of a modern communication facility by clients of Bank of Russia and electronic payments, on them establish low tariffs. Besides the bank of Russia raises a payment for service on manufacturing a paper copy of the electronic payment document on the tariff at a rate of 2,40 roubles.

Private payment systems dynamically develop and guided by introduction of modern technologies of processing of payment documents, granting of as much as possible full and qualitative payment services with the purpose of attraction of clients.

Payment cards, including the cards issued by the credit organizations (bank cards), in Russia are the payment tool for realization of non-cash retail payments and reception of cash money resources.

The credit organizations carry out issue and-or acquiring payment, including bank cards, both Russian, and the international payment systems which quantity has made 15,5 million.

With a view of the further systematic perfection of payment system, the Bank of Russia fulfils the methodological and practical decisions directed on introduction of system of total calculations in a mode of real time.

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