Today, several payment systems operate in our country. However, the system of the Central Bank of the Russian Federation today plays the most important and even key role in the entire banking system. It forms the institutional basis of the entire Russian national payment system.
Concept
The Bank of Russia Payment System (PSBR) is a complex organizational and technological system. It performs a number of tasks aimed at achieving the goals of the Bank of Russia in accordance with the legislation of the country. According to the regulation on the payment system of the Bank of Russia, it should be understood as a commonality of rules, contractual relationships, methodologies that allow all participants to carry out transactions with each other according to the scheme established by law.
It provides a wide range of services to credit institutions and public authorities. RPBR has the lowest risk in the national RPRP. The Central Bank of the Russian Federation acts as the main stabilizing element of the entire infrastructure. In recent years, the years of development of the PBR were characterized by the expansion of the range of liquidity management services throughinteraction with organized markets.
The legal basis for regulating the system includes:
- Civil Code of the Russian Federation;
- FZ "On the Central Bank";
- FZ "On banks and banking activities";
- rules for banks;
- banking agreements on correspondent accounts.
The system of payments of the Central Bank of the Russian Federation is the main element through which the monetary policy is carried out in the country. Transactions that are significant in terms of the number and volume of payments pass through it.
Current state
The main and important component of the state payment system of the Russian Federation is the payment system of the Central Bank. It is he who serves as the central channel for the implementation of the country's fiscal policy.
The validity of such conclusions is confirmed by the following data. For example, in 2018, credit organizations-operators transferred 513,173.2 billion rubles. At the same time, within the framework of the RRP - about 1,340,034.2 billion rubles. Therefore, it can be argued that, within its system, the Bank of Russia transferred funds, the volume of which was 2.5 times higher than the volumes transferred through credit institutions that are market operators.
FZ No. 86-FZ "On the Central Bank of Russia" establishes that, along with such goals of the Central Bank of the Russian Federation as the stability of the ruble, the main goal is the continuous functioning of the entire system as a whole. At the same time, a clearly and constantly functioning payment system maintains the stability of the ruble, using it as a means of payment, and also helps to strengthen the credit and financialRussian industries through interbank transactions and settlements.
The goals of the Central Bank of the Russian Federation, its functions and capabilities determine the system itself as one of the main options for implementing the financial policy of Russia, and ensure its leading role. Significant amounts and the prevailing share of payments in Russia pass through the FSBR. The indicated reasons define it as systemically significant in Russia.
The Central Bank of the Russian Federation regulates, controls its payment system, and also fulfills its obligations to other participants.
The Central Bank of the Russian Federation is taking measures to develop its own system in terms of increasing its productivity and ensuring continuous operation. Such development is aimed at increasing its efficiency by reducing costs, increasing the quality of services provided, increasing the productivity of both payments and requests and control actions, as well as reducing financial risk, insolvency risk, operational risk, systemic and legislative dangers.
The functioning of the system itself is regulated by the regulation "On the payment system of the Bank of Russia", which defines the main aspects of the significance of the bank, the rules for suspension, the procedure for introducing clearing and settlements.
The payment system of the Central Bank of the Russian Federation has settlement systems and mechanisms that differ in territorial coverage and size of payments made, rules and procedures, composition of participants and settlement documents, speed of payments and technologies used.
Taskssystems
Among the main tasks facing the payment system are:
- reliability, efficiency and safety of operation;
- reliability and strength, which should guarantee the absence of disruptions in work;
- efficiency for workflow output;
- fairness in approach.
The table below summarizes the 2018 RPBR data.
| System | Number of transfers, mln. | Structure, % | Volume of transfers, billion rubles | Structure, % |
| The whole system | 1435, 9 | 100 | 1 340 034, 2 | 100 % |
| BESP | 3, 4 | 0, 23% | 560 123, 2 | 41, 79% |
| VER | 839, 9 | 58, 49% | 645 179, 4 | 48, 14% |
| MAYOR | 592, 6 | 41, 27% | 134 728, 6 | 10, 05 % |
| Post and telegraph technology | 0, 0021 | 0, 000146 % | 2, 95 | 0, 0000022 % |
Functions
The main function of the system can be called the provision of dynamics andturnover stability. With an effective system in place, it is also possible to have a good control of the monetary sphere, helping credit institutions to actively maintain their liquidity, thus reducing the need for large excess reserves.
The payment system guarantees:
- Funds are credited to customer funds on the day of receipt. In some regions, the debiting and crediting of these funds is carried out in a mode close to real time, with the possibility of immediate use.
- The ability to manage solvency by providing secured intraday loans to financial institutions.
- Implementation of financial policy measures through servicing credit, deposit, cash and other operations.
- Settlements in the financial market.
With regard to the security of information in the system, the following are provided: identification, integrity control and proof of the authenticity of payment documents, separation of access rights and protection against inconsistent access to the resources of the payment processing system, control over settlement transactions, secrecy (cryptographic protection) of payment information, backup of software and hardware systems and information resources.
Basic elements
The table describes the main elements of the system.
| Element | Characteristic |
| Institutions | Provide money transfer servicesand debt repayment |
| Tools | Perform transfers between agents |
| Relationships | Regulate the procedure for non-cash payments |
All elements are closely interconnected with each other. Interaction is carried out according to the established rules, which are fixed in regulatory documents and international agreements. All work of the system is based on special legal acts and rules of its functioning.
The payment system of the Bank of Russia includes:
- Urgent online electronic payments;
- more than seventy special electronic payment systems within the regions that operate continuously;
- electronic payments of the Moscow region, which operates continuously;
- a set of electronic payments between different regions of the country, allowing the transfer of funds between regions of the Russian Federation within 1-2 days;
- payment systems using payment terminals;
- a number of specialized payment devices for some regions of the Russian Federation and divisions of the Central Bank of the Russian Federation.
In general, the RPBR system itself consists of several subsystems, as shown in the table below.
| Subsystem | Characteristic |
| Normative | A set of legislative documents on the basics of functioning |
| Institutional | Community of organizations that ensure the smooth operation of the whole |
| Technological | Technologies used for transactions and transfers |
| Service | The set of calculations that form the differentiation of payment services |
Main members
Among the participants of the payment system of the Bank of Russia can be identified:
- The Central Bank of the Russian Federation represented by its own divisions.
- Financial institutions and banks in the national payment system of Russia
- Federal Treasury.
- Other clients of the Central Bank of the Russian Federation that are not financial institutions (branches).
The competence of the Central Bank includes risk management and liquidity risk control. It also regulates its participants, acts as the main operator of the system.
The essence of risk management by the Central Bank of the Russian Federation is as follows:
- applying preventive measures to banks that are in financial trouble;
- controlling the activities of credit institutions in the field of settlement activities;
- development of legal norms that provide regulation of settlements;
- creating and implementing forms of channel protection.
Bank accounts for those who participate in the system and are clients of the Central Bank of the Russian Federation are opened in its divisions.
In the payment systemmandatory participation. A prerequisite for the role is the opening of a correspondent account with the Central Bank of the Russian Federation. The procedure for suspending a role in the payment system is not used. The participation of the institution is terminated after the termination of the account contract or for the financial company from the moment of revocation of the banking license from the financial company. Identification is made by several directories:
- BIC RF directory (for structural divisions of the Central Bank of the Russian Federation, financial institutions and their divisions);
- Directory of participants in the BESP system;
- local directories that are used in each local branch of the payment system of the Central Bank of the Russian Federation (for all customers, including those who are not financial institutions).
Reference books use unique Russian identification codes. Account numbers in clients' banks are formed in accordance with the accounting rules of the Central Bank of the Russian Federation and financial institutions.
The Central Bank of the Russian Federation, being an operator of payment infrastructure facilities and a money transfer operator, transfers funds through accounts in banks participating in the payment system of the Central Bank of the Russian Federation, which are its clients.
The Central Bank of the Russian Federation provides the following services to payment system participants:
- maintenance services;
- payment for clearing services;
- payment services.
PSBR works every day, except for weekends and non-working days off, which were established by Russian regulations.
The criteria for participation in the system are as follows:
- acts as a clientcredit institution - direct participant;
- provided access to the service for the transfer of funds using orders in electronic form;
- the organization is not registered as a client of the Bank of the Russian Federation.
It turns out that the indirect nature of participation is expressed in the fact that organizations themselves cannot conclude agreements with the Bank of Russia, but only through a direct participant:
- in a situation where credit institutions have a correspondent account with the Bank of the Russian Federation;
- in a situation where a direct participant ceases to participate in the system, then his clients too.
Main systems of settlements between banks
There are a number of parallel interbank settlement systems in the Russian Federation, which are presented in the table below.
| System | Characteristic |
| Payment system of the Central Bank of the Russian Federation | Settlements are made centrally through the network. Each bank has its own open correspondent account where cash reserves are kept. |
| Interbank Settlement System | Based on the formation of direct correspondence between participants |
| Clearing system | Settlements are carried out by independent clearing companies |
| Intrabank settlement systems | Settlements between parent organizations and branches of banks. |
Payment systemThe Central Bank of the Russian Federation is centralized, and the rest are decentralized.
Fundamentals of operation
There are calculations in RPBR that differ from each other in terms of their composition of participants, coverage areas, time period, basics of implementation, technologies.
Below, we will consider the existing payment systems and their characteristics.
| Existing calculations | Characteristic |
| BESP (between banks electronically) | Purpose: to transfer money online. Settlements are carried out using electronic technologies throughout the country |
| WER (within regions) | More than 70 units. They work continuously and transfer money to the regional components of the Central Bank of the Russian Federation system, that is, in the territory that is subordinate to the territorial office of the Central Bank of the Russian Federation. Applying electronic technology across the region |
| VER of the Moscow Region | Apply flight mode or continuous option. |
| MED (between regions) | Money is being transferred between regions of the country. Apply electronic technology between regions |
| Aviso system | Paper technology that allows transfers both within the same region and between |
Specific features of the BESP system as part of the development of the Bank of Russia payment system:
- works within the framework of the entire system of the Central Bank of the Russian Federation;
- only availability of urgent transfers;
- transfer is carried out only on the basis of electronic orders;
- we will accept electronic funds online.
Payments using electronic technologies account for almost 99% of the total number of transactions.
When implementing the system of settlements in the RPS using electronic technologies, documents can be generated in the form of electronic messages. The format of such messages was developed by the Central Bank of the Russian Federation. They are sent using the transport system of the Bank of Russia.
The organization of the payment system of the Bank of Russia operates through collective information processing, which includes high-availability processing centers, as well as a transport system for electronic settlements.
Tariff policy
This policy is based on the principles of differentiation of tariffs from the typology of payments. It is aimed at increasing the interest of participants in all settlements in the application of modern technologies, ensuring cost recovery. The MED and VER assume an increase in the cost of services by the end of the day in order to evenly distribute the load on all automated complexes. In the BESP system, tariffs can be set depending on the forms of participation due to different levels of service, as well as the type of payment, the priority of its behavior. Tariff policy is not extended to exchange serviceselectronic messages provided by the Central Bank of the Russian Federation to users. The tariffs themselves are approved by the Board of Directors of the Bank.
The main objectives of the tariff policy in the payment system of the Bank of Russia are:
- formation of conditions for optimizing work with the clientele of RPS services and liquidity management;
- reducing operating costs due to uneven workload;
- covering the (partial) operating costs of operating the system while maintaining its attractiveness.
Risk management basics
In the Bank of Russia, in accordance with the Federal Law of June 27, 2011 No. 161 “On the National Payment System of the Bank of Russia”, a special Committee was created to coordinate risk assessment processes, which implements these risk management processes. His responsibility is to create the conditions for risk assessment and manage them in the RRP, as well as conducting this assessment, preparing recommendations on minimizing the identified negative aspects.
Conclusion
The payment system of the Central Bank of Russia is rightfully considered the largest in terms of volume and number of transactions and payments in processing. At the same time, the Central Bank of the Russian Federation occupies the main place in it, since it is both a participant and an operator of the entire system, performs the functions of coordinating and regulating settlement relations. It also carries out monitoring analyzes of private systems, establishes the principles of their functioning, basic rules and standards. The payment system of Russia and the banks of the Russian Federation closely cooperatewith each other.
