National Settlement Depository (NSD), Russia’s central securities depository, has signed a memorandum of cooperation focused on the joint development of the Marketplace project. The document was signed at the Finopolis, a forum of innovative financial technologies which was held in Sochi on 18 October.
The memorandum was signed by heads of the following companies: Moscow Exchange, AK BARS Bank, Bank Zenit, Gazprombank, FC Otkritie Bank, Promsvyazbank, Rosbank, Russian Agricultural Bank, Svyaz-Bank, SKB-Bank, Sovcombank, Tinkoff Bank, Uralsib Bank, Center-Invest Bank, Expobank, Banki.ru news agency, INFINITUM, Sravni.ru portal, UNICOM, and Fins.Money.
The Marketplace project was initiated by the Bank of Russia and market participants in 2017. It allows retail clients in any country of the world to see offers from Russian financial institutions (banks, asset management companies, and insurance companies) online, compare them and then purchase them remotely. Clients may receive information about all products purchased via the Marketplace and manage them remotely using their personal accounts.
NSD plans to act as one of the key elements in the project – the financial transaction registrar (FTR) which will store all information about concluded transactions. In their personal accounts clients will be able to see data on all their transactions, to receive a statement from the FTR which will be a legally binding gold record, and this will increase citizens’ trust in remote services.