The Bank of Russia has announced that the National Settlement Depository Payment System (NSD PS) is compliant with the Principles for Financial Market Infrastructures (PFMI) international standard.
“It means that NSD has fully implemented in its documents all the components of the payment system functioning as stipulated by law; it has implemented a reliable comprehensive risk management system; it uses settlement mechanisms; and it has established mechanisms to prevent adverse consequences in case an NSD PS participant fails to perform its obligations,” said the regulator in its press release.
“For the third time, the NSD Payment System successfully passed Bank of Russia’s assessment for PFMI compliance. The regulator’s assessment result confirms our system’s high degree of reliability, the effectiveness of our payment processing and the high settlement quality. NSD monitors and analyzes Payment System risks in real time,” said Svetlana Gryanchenko, Director of the Operations Department, NSD.
Principles for Financial Market Infrastructures were developed by the Committee on Payments and Market Infrastructures of the Bank for International Settlements in conjunction with the International Organization of Securities Commissions and were recommended by the Bank of Russia for compliance by Russian operators of significant payment systems.
The NSD Payment System was registered 26 December 2012. The Bank of Russia made entry No. 0014 about NSD as a payment system operator to the Register of Payment Operators. The Bank of Russia recognized NSD PS as a nationally and systemically important payment system.