Under a bank account agreement, corporate clients are provided with the following key services:
- opening and maintaining bank accounts;
- external cash transfers (via NSD's network of correspondent accounts);
- internal cash transfers in the NSD Payment System (including via LORO accounts);
- settlement of on-exchange trades (internal payments);
- recurring cash transfers;
- foreign exchange transactions; and
- foreign exchange control agent services under contracts being serviced by NSD. Execution of a 'transaction passport' (forex transaction report form) on the date of the filing of an application, without charging an urgency fee.
PVP (payment versus payment) settlements
Key benefits offered by NSD's bank account services:
- The NSD Payment System has the status of a nationally and systemically important payment system.
- No financial (credit or liquidity) risks, the most significant risks for credit institutions.
- Late cut-off time:
- 20:00 (for RUB);
- 20:30 (for USD). For other currencies, the applicable cut-off time depends on the terms and conditions offered by correspondent banks (e.g., for EUR, the cut-off time is 16:30).
- Prompt settlements via the Bank of Russia's Payment System:
- using the express cash transfer service — cash transfers are made online;
- using the non-express cash transfer service — cash funds are debited and credited within 30 minutes.
- Execution of transactions online via LORO accounts and for services offered by companies of the Moscow Exchange Group.