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“Considering that issue one has to be keep in mind that both SWIFT and the upcoming national infrastructure of financial message exchange doesn’t boil down to the set of software products or utilization of information and communication technologies” — remarks the letter. According to the author, the key quality of such systems is execution of role of the third party that assumes risks and guarantees delivery of information to all participants, and is also responsible for the documents serving as evidence in courts.

CyberPlat has also sent via NPS its offers to the Central Bank of Russia. In its letter (RBC has the letter) Vladimir Kuznetsov, executive officer of the Company, says, that organization of financial message exchange infrastructure shouldn’t be assigned to only one technology operator. “We believe that both in terms of organization and technology, infrastructure of the financial message exchange should be a multiple provider solution” – claims Kuznetsov.

In early September Bank of Russia sent out to the depositary institutions a letter offering to utilize an updated Central Bank of Russia technology during exchange of settlement information and settlements in the territory of Russia in both ruble and foreign currency. In 2010 Bank of Russia developed a system called ED501, which enables banks to exchange text information typically accompanying payments. However, that system didn’t become widely spread, because banks preferred SWIFT to it. ED501 is currently used only for correspondence with the Central Bank of Russia.

Questions regarding alternative SWIFT-channels arose after sanctions, imposed on Russian depositary institutions by the US and EU that limit access to the international markets of debt and share equity. Concerns regarding upcoming sanctions that would exclude Russian banks from SWIFT gathered momentum. That risk materialized in late August, when it became known that the UK Prime Minister David Cameron was planning to bring up this issue during the meeting of European leaders in Brussels.

National Settlement Depository (NSD) is a central depository of Russia providing settlement and depository services, registration of off-exchange transactions with derivatives (repositories), information services, clearing and collateral management. NSD processes all settlements following the results of stock trading and majority of off-exchange settlements, processes both Russian and foreign securities. Moscow stock exchange is its principal shareholder (99,9%).

Payment system of the Bank of Russia ensures payment settlements in rubles using assets of accounts held in the Bank of Russia. Central Bank of Russia is the owner and operator of the payment system. System significance of the payment system is recognized by law.