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Progress in implementation of Real Time Gross Settlements System (RTGS) «BESP»

This presentation discusses the progress of the Banking Electronic Speedy Payments (BESP) system as the Real-Time Gross Settlements (RTGS) mechanism of the Bank of Russia. Covering its nationwide implementation, technological infrastructure, and built-in liquidity saving mechanisms, the paper outlines the phases of the BESP business day and highlights the dynamics of payment volume and value. It also explores upcoming developments, including enhanced access and operational hours, aiming to provide seamless real-time monetary transactions across various sectors of the Russian financial market.

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Progress in implementation of Real Time Gross Settlements System (RTGS) «BESP»

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  1. Progress in implementation of Real Time Gross Settlements System (RTGS) «BESP» Vladimir Kulipanov 6th IRSF, Moscow November 10, 2009

  2. General characteristics of BESP • Banking Electronic Speedy Payments (BESP) = RTGS of the Bank of Russia • National-wide coverage (11 time zones) • Complete electronic technology • Built-in liquidity saving mechanisms (bilateral and multilateral limits, offsetting of queuing payments, etc)

  3. Three phases of BESP business day Preliminary phase Final phase Regular phase 21-00 21-30 08-00 09-00 Moscow time (GMT+3)

  4. Transportation BESP V – shape scheme Local formats Conversion SWIFT formats 2011 2011 Bank of Russia VPN SWIFT transport Participant Participant Participant

  5. Volume and total Value of payments

  6. Dynamics in participants

  7. Dynamics in Value

  8. Value & Volume overall

  9. BESP share in BRPS The share of payments effected via the BESP system in total value of payments passed through the Bank of Russia payment system (BRPS)

  10. MICEX SH share in BESP The share of payments effected by the MICEX SH in total value of payments passed through the BESP system

  11. New business opportunities • The new national-wide real-time settlement mechanism (over regional barriers and time zones) • Real-time money transfers to and from financial market (MICEX) • Real-time tool for redistribution of intraday liquidity (multidivisional credit institutions and the Treasury)

  12. What’s next? • 2010 year - all Russian credit institutions are in the BESP; • 2010 year - completion of financial markets migration (MICEX Group) to the BESP; • 2011 year – interconversion of local payment message formats and SWIFT formats; • 2011 year – additional access to the BESP system via SWIFT transport; • 2011 year - extending BESP operating hours (midnight – 8 p.m. MTS)

  13. Information on the Web (www.cbr.ru/today/BESP/) – in Russian (www.cbr.ru/eng/today/BESP/) – in English

  14. Thank you for attention!

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