Russia’s National Association of Securities Market Participants (NAUFOR), with the support of National Settlement Depository (NSD), has conducted an online conference dedicated to opportunities provided by the Faster Payment System (FPS).
In view of the growth in professional securities market participants’ demand for digital services, speakers discussed FPS, a project launched by the Bank of Russia which can perform immediate transfers 24/7, in particular, by using a QR code.
Discussion participants reviewed FPS scenarios and functionalities, NSD’s road map and services designed to conduct settlements using FPS, as well as practical aspects of connecting to the system and plans for developing FPS services for the stock market.
“NSD is in the active phase of connecting to the Bank of Russia’s Faster Payment System. This integrated solution will significantly increase the convenience and accelerate operations for professional securities market participants. NSD is connecting to FPS in the C2B format, so brokers will be able to offer their retail clients to use FPS as a service allowing individual investors to immediately credit their money to broker accounts with NSD,” said Svetlana Gryanchenko, Director of the Operations Department, NSD.