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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, 2007The first few payments came through.
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
3
All Russian credit institutions became BESP members
BESP system
CBR Branches
Bank DP
Bank
Non-bank AP
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
4
All Russian credit institutions became BESP members
BESP system
CBR Branches
Bank DP
Bank AP
Non-bank AP
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
5
Federal Treasury became BESP member
BESP system
CBR Branches
Bank DP
Bank AP
Non-bank AP
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
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
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BESP for CBR
Bank of Russia started to utilize BESP for it’s own market operations
CBR
BESP share in Bank of Russia payment system
88
14%
86%
Q3 - 2010 16%
84%
Q4 - 2010
20%
80%
Q1 - 2011 18%
82%
Q2 - 2011
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
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ParticipantParticipant
BESP
Bank of Russia VPN
Bank of Russia VPN SWIFT
transport
SWIFT transport
Conversion SWIFTformats
new payment instrument
V – shape scheme
ParticipantParticipant
New transport facilities
ParticipantParticipant
2011
2011
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
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Last but not least…
It is time to celebrate the anniversary (10th IRSF)
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
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Eliminating long holidays
BESP system will be available BESP system will not be available
12
BESP - FMIs interface
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
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The BESP present-time schedule of business day
08-00 09-00 21-0021-30
Preliminary phase Regular phase
Final phase
Moscow time (GMT+3)
Moscow time (GMT+3)
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
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Anticipated extension of business day
08-00 09-00 21-0021-30
Preliminary phase Regular phase
Final phase
Moscow time (GMT+3)
Moscow time (GMT+3)
01-00 02-0022-00
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
15
News in 2-P Regulation
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.
Under discussion …
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
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New form of payment order
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
Under construction …
Negotiations with CLS Bank International for rouble inclusion
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The plans for further development of FM in Russia envisage joining CLS system.
The first bilateral seminar is scheduled for late November 2011.
V. Kulipanov 10 IRSF, Moscow, Nov 1, 2011
Thank you for attention!
