Bank of Russia Coin Platform launched

A new electronic information platform launched on 15 November in Nizhny Novgorod at the Volga-Vyatka Main Branch of the Bank of Russia will enable direct coin transfer between banks.

The Coin Platform will aggregate applications from banks experiencing coin surplus or shortage, forward these applications to exchange participants, and track their execution. Before the service was launched, credit institutions usually transferred coins through Bank of Russia offices. Thus, the platform will help mitigate the costs of coin circulation, and the Bank of Russia’s mintage, transportation and processing expenses. It will also raise the level of satisfaction of cash circulation agents and the transparency of coin flows.

At this stage, the service is available for banks operating in the jurisdiction of the Volga-Vyatka Main Branch of the Bank of Russia (Nizhny Novgorod). In the future, the project is to be expanded and similar platforms will be launched in other Russian regions.