Bank of Asia Connects to SPFS via NSD’s Service Bureau

29 March 2021
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The Bank of Asia (Kyrgyzstan) has connected to the Bank of Russia’s financial messaging system (SPFS) via National Settlement Depository (NSD), Russia’s central securities depository, and has sent a first message to TRANSKAPITALBANK (TKB).

SPFS is an electronic financial messaging and payment channel created by the Bank of Russia.  The system guarantees the uninterrupted transmission of financial messages both domestically and abroad.

In 2020, National Settlement Depository became the first Russian organization to receive the SPFS Service Bureau status. The SPFS Service Bureau is based on NSD’s platform and provides financial institutions and corporate clients with quick and cost-effective access to SPFS.

“The Bank of Asia team, as a long-time client of NSD’s SWIFT Service Bureau, is happy to expand its opportunities by connecting to SPFS via NSD. The reliability and quickness of services provided by NSD are advantages valued by not just us but also by our clients. Increased accessibility of the SPFS functionality for more companies from other countries is an important contribution to financial market integration,” said Myktybek Shokenov, member of the Management Board, Bank of Asia.

“Developing such an accessible and convenient service as NSD’s SPFS Service Bureau has positively impacted and improved banking infrastructure. We value NSD’s individualized approach to our clients’ needs and look forward to successfully cooperating with our partners via NSD’s SPFS Service Bureau,” added Elena Shirinskaya, Deputy Chairperson of the Management Board, TKB.

“We are very happy that the Bank of Asia has chosen NSD to connect to SPFS. NSD’s Service Bureau opens up new opportunities for foreign participants to use the Bank of Russia’s electronic financial messaging system. Our goal is to significantly improve the client experience and to retain the high level of reliability and security,” pointed out Alexander Nam, Managing Director for IT Services, NSD.

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