Rouble Settlements via SWIFT: Insights from the 5th International Forum
Explore the dynamics of Rouble settlements via SWIFT discussed at the 5th International Rouble Settlement Forum. Dive into statistics, CIS traffic share, market messages, and more to grasp the landscape of Russian financial transactions in December 2008.
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Rouble Settlements via SWIFT Charles Robson 5th INTERNATIONAL ROUBLE SETTLEMENT FORUM
Agenda Some statistics Rouble Settlements via correspondent banking The Russian RTGS and SWIFT Country Profile Russia Dec2008 2
CIS : Traffic Share Rest of CIS 24.69% CIS 0.99% RU ROW 99.01% 75.31% AM 2.76% UZ AZ 3.31% 13.37% UA 33.18% TM 0.40% BY 18.47% TJ GE 1.14% 3.51% MD 3.48% KZ MN 1.69% KG 2.49% 16.20% Country Profile Russia Dec2008 Source : FIN_per Sales Area 3
Russia : Messages by market Trade 0.5% Treasury 11.7% Russia Growth Aug/2008 Payments 16.97% Securities 12.6% Securities 51.74% Treasury 0.40% Trade 7.89% Payments 75.3% Total 17.97% CIS Treasury 11.3% Trade 0.7% Growth Aug/2008 Payments 14.35% Securities 9.9% Securities 51.15% Treasury 2.91% Trade 5.78% Payments 78.1% Total 15.39% Country Profile Russia Dec2008 4
Messages sent from Russia Top 10 12,000,000 10,000,000 receivers 8,000,000 6,000,000 4,000,000 2,000,000 0 RU US DE GB BY UA AT CH KZ LV Country Profile Russia Dec2008 5
Messages sent to Russia : Top 10 senders 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 RU US DE GB BE AT CH BY KZ UA Country Profile Russia Dec2008 6
Russia : Weight Domestic Traffic per Market Total Dom 15,000,000 Weight: 54% 10,000,000 Weight: 26% Weight: 70% Weight: 15% 5,000,000 0 Payments Securities Treasury Trade Country Profile Russia Dec2008 7
Agenda Some statistics Rouble Settlements via correspondent banking The Russian RTGS and SWIFT Country Profile Russia Dec2008 8
Payments Market Practice Group Under the auspices of the Russian National SWIFT Association (User and Member Group together) guidelines have been worked out on how to use the ISO-Standards to do Rouble Payments: RUR-6 guidelines . Includes amongst others the MT 101, 103, 202, 205, 210, category 9 messages and n92, n95 & n96 messages. Includes transliteration table. Currently version 6. Available on swift.ru Country Profile Russia Dec2008 9
Issue(s) with RUR-6. They are not mandatory. Not all banks are using latest version, so banks have to support different versions, depending on their counterparts. The Central Bank s Payment Order is not fully in line with the ISO-Standards from point of view of number of characters to be used for fields and Bank Identifiers. Country Profile Russia Dec2008 10
Agenda Some statistics Rouble Settlements via correspondent banking The Russian RTGS and SWIFT Country Profile Russia Dec2008 11
History Central Bank of Russia & SWIFT signed a Memorandum of Understanding on the fact that the SWIFT communication platform would be proposed to the RTGS participants as parallel communication channel for the Russian RTGS. Technically solution to support SWIFT as RTGS channel has been implemented. Based on some extra requirements from the National Security Service, the converter Central Bank of Russia proprietary formats to ISO-formats and vice versa is being finalised. Country Profile Russia Dec2008 12
Message Flow Russian RTGS Converter CB of Russia ISO Formats and vice versa CB of Russia Payments Application CB of Russia VPN SWIFT Backbone Network Direct Participants Indirect Participants 13
Thank you Steven Palstermans Head of Russia, CIS & Mongolia SWIFT Avenue Adele 1 B-1310 La Hulpe Belgium +32 2 655 3111 +32 2 655 4099 +32 2 655 3752 +7 903 1646095 steven.palstermans@swift.com swift.com T D F M E W 14
