NSD payment system

Services of the Payment System operating center, payment clearing center, and settlement center

The NSD Payment System was registered on 26 December 2012, and the data entry regarding the NSD Payment System operator was made by the Bank of Russia in the Register of Payment System Operators under number 0014. The NSD Payment System is recognized by the Bank of Russia as nationally and systemically important payment system.

As NSD Payment System operator, NSD provides the full range of payment infrastructure services: services of the Payment System operating center, payment clearing center, and settlement center. The NSD Payment System is highly reliable, as its operator monitors and analyses risks in real time and maintains the guaranteed continuity of its operation.

The NSD Payment System Rules reflect the requirements of Federal Law No. 161-FZ dated 27 June 2011 "On the National Payment System" and Bank of Russia's Directive No. 2832-U dated 9 June 2012 "On the Peculiarities of Rules of Payment Systems through Which Cash Transfers Are Made for On-Exchange Trades".

The NSD Payment System is part of the post-trade infrastructure of the Moscow Exchange Group and an important component of the national payment system. In the Russian Federation, it is used to make cash transfers for on-exchange or OTC trades, as well as in connection with Bank of Russia's refinancing of credit institutions and Bank of Russia's open market operations.

Cash transfers are made between NSD Payment System participants:

  • for transactions not related to on-exchange or OTC trades;
  • for trades made on Moscow Exchange;
  • for OTC trades:
    • in accordance with the DVP principle, including trades involving ICSDs;
    • upon completion of VEB's deposit auctions;
  • in connection with Bank of Russia's refinancing of credit institutions and Bank of Russia's open market operations.

The NSD Payment System provides for direct participation only. To become a direct participant of the NSD Payment System, an organization must accede to the NSD Payment System Rules and enter into bank account agreements with NSD. NSD Payment System participants are required to enter into an EDI Agreement with NSD (accede to the NSD's Electronic Data Interchange Rules), and to comply with all technical and technological requirements set forth by the EDI Agreement and EDI Rules.

For the purposes of post-clearing settlements, the NSD Payment System interacts with clearing houses operating in accordance with Federal Law No. 7-FZ dated 7 February 2011 "On Clearing, Clearing Activities and a Central Counterparty", in the manner provided for in Section 15 of the NSD Payment System Rules.

Cash transfers in the NSD Payment System are made in real time. Most cash transfers in the NSD Payment System are made by its participants using electronic payment facilities (e.g., Bank-Client systems).

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