Bank of Russia Payment System
The Bank of Russia Payment System is an integral part of the National Payment System. According to national law, it is a systemically important payment system used to conduct monetary and fiscal policies of the Russian Federation.
The Bank of Russia Payment System:
- processes money transfers on accounts opened with the Bank of Russia at the orders of the payment system participants (including credit institutions, the Federal Treasury and its regional offices);
- completes settlements on transactions with the use of payment cards in the Russian Federation; and
- implements the mechanism for completing settlements on financial market transactions.
The Bank of Russia Payment System comprises three payment services:
- urgent funds transfers;
- non-urgent funds transfers; and
- the Faster Payments System.