On assessment of Bank of Russia payment system

Pursuant to the requirements of Federal law No. 161-FZ, dated 27 June 2011, ‘On the National Payment System’, the Bank of Russia performed the assessment of the systemically important Bank of Russia payment system.

The assessment determined the compliance of the Bank of Russia payment system with the international standards, the Principles for Financial Market Infrastructures (PFMIs), worked out by the Committee on Payments and Settlement Systems¹ of the Bank for International Settlements and the International Organisation of Securities Commissions and recommended by the Bank of Russia for compliance by important payment systems.

The Bank of Russia payment system was assessed for compliance with 18 PFMIs pursuant to the method established by Bank of Russia Order No. OD-607, dated 9 April 2014, ‘On the Method for Assessment of Compliance of the Activity of Systemically Important Payment System Operators, the Outsourced Payment Infrastructure Service Operators and the Related Systemically Important Payment Systems with Bank of Russia Recommendations’.

The obtained assessment outcomes bear an evidence of high compliance of the Bank of Russia payment system with the PFMIs. The Bank of Russia payment system is established to be in full compliance with 10 PFMIs (PFMIs 1, 2, 4, 5, 7, 9, 13, 17, 18 and 21), in general compliance with 4 PFMIs (PFMIs 3, 8, 22 and 23), 4 PFMIs are not applicable to the Bank of Russia payment system (PFMIs 12, 15, 16 and 19).

The Bank of Russia intends to prepare materials to disclose information on the Bank of Russia payment system in accordance with the form stipulated in Annex A to Bank of Russia Order No. OD-607 and to publish them on the Bank of Russia website.

¹ Currently, the Committee on Payments and Market Infrastructures

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