Financial Sector Overview slide image

Financial Sector Overview

Bank of Russia FINANCIAL SECTOR OVERVIEW The Central Bank of the Russian Federation 54 PAYMENT INFRASTRUCTURE (1) Bank of Russia Payment System ✓ Money transfer services are provided to: ✓ all credit institutions (financial market infrastructure included) ✓ Russia's Federal Treasury and its agencies ✓ other Bank of Russia clients ✓ Average daily figures: 6.4 mln payments, RUB 6.9 tn ✓ 84% of funds are transferred via the real-time service ✓ New liquidity management tools, future value date settlement functionality, cash- pooling services for Federal Treasury and multibranch banks introduced ✓ Transfer timeframe is adapted to Russia's 11 time zones - system operates from 1 a.m. to 9 p.m., Moscow time. ✓ The Faster Payments System (FPS), launched on 28 January 2019, is set to enable instant C2C interbank transfers 24/7/365 using mobile phone number. At the next stage - C2B (customer-to-business) and C2G (customer-to-government) payments to be included
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