NPS migrates to international standards: new standard for financial message exchange becomes operational

On 29 December, another standard concerning the exchange of financial messages becomes operational. It applies to financial message exchange rules for direct debit (initiated by the recipient). The Bank of Russia has approved the standard as part of efforts aimed at migration to the ISO 20022 international standard in the National Payment System (NPS).

In line with ISO 20022, the document includes a description of a model for financial message exchange and key scenarios of interaction between parties to a transfer, with due regard to Russian regulatory specifics.

The migration to the standard is intended to reduce market participant interaction costs by unifying information exchange.

The standard is advisory; it can be used by software developers.