Marketplace for Opening Deposit Accounts Is Ready to Be Launched

14 February 2019
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Moscow Exchange has announced completion of the development phase of its electronic platform to remotely open deposit accounts as part of the Bank of Russia’s Marketplace project. The platform will be made available to clients after necessary legislative amendments are passed.  

In the project’s first phase, deposits with banks participating in the project will be offered. The product range for the online financial supermarket will be expanded in the future to include lending, insurance, and investment products.

The trial version of the system is integrated with online shops offering financial products, the payment system, and the Financial Transaction Registrar (FTR). Clients will be able to select a deposit via and portals and conclude a deposit agreement via Moscow Exchange platform. Citizens can access the platform via the State Services Portal. Initial identification will be carried out through a unified biometric system. The platform provides all stages for concluding an agreement with a bank, guaranteeing the safe transfer of funds to open a deposit account, granting access to information about the account status, and allowing further transactions to be conducted (such as replenishing the deposit account, withdrawing funds from the account, and closing the account).  

The Financial Transaction Registrar (FTR) developed by National Settlement Depository, a part of the Moscow Exchange Group, is a key element in the marketplace environment. FTR records and stores information about deposit agreements and related transactions carried out via the platform. In the future, individuals will be able to receive a statement on their financial transactions from FTR through the State Service Portal. According to the bill “On Performing Transactions via the Electronic Platform” introduced in the State Duma, a record of deposits in the FTR register will be recognized by the Deposit Insurance Agency (DIA) as grounds for paying compensation when an insured event happens. The procedure will be automated; depositors will not have to carry out additional actions.

Banks, which participate in the compulsory deposit insurance program and which are entitled to attract individuals’ funds into deposits can join the Moscow Exchange platform. To date 16 banks have signed a memorandum of cooperation to implement the Marketplace platform:  Ak Bars Bank, Gazprombank, Derzhava Bank, Zenit Bank, Kuban Credit Bank, Otkritie Bank, Promsvyazbank, Svyaz Bank, Sovcombank, SKB Bank, Russian Agricultural Bank, Rosbank, Tinkoff Bank, Uralsib Bank, Bank Center-invest, and Expobank. 

The project to establish the online Marketplace was initiated by the Bank of Russia in Q1 2018.

“NSD has vast experience in creating and using record-keeping systems; we are trusted by the market and the regulator. This is why we are sure that the creation of the Financial Transaction Registrar on the basis of NSD will reduce risks and provide enhanced safety to individual investors who own deposits, securities, or other assets circulating on the Marketplace.  As a consequence, we expect a growth in the population’s interest in financial assets as a way to accumulate personal capital and to finance the economy,” said Eddie Astanin, Chairman of the Executive Board, National Settlement Depository.

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