Translation. Region: Russian Federation –
Source: Central Bank of Russia
An important disclaimer is at the bottom of this article.
The Bank of Russia's payment system is an integral part of the national payment system. It is legally recognized as a systemically important payment system through which the monetary and budgetary policies of the Russian Federation are implemented.
Within the framework of the Bank of Russia payment system:
On behalf of its participants (including credit institutions, the Federal Treasury and its territorial bodies), funds are transferred between accounts opened with the Bank of Russia; settlements for funds transfers carried out within the Russian Federation using payment cards are completed; and a mechanism for completing settlements for transactions concluded in financial markets is implemented.
The Bank of Russia carries out money transfers using three services:
urgent transfer service; non-urgent transfer service; fast payment service.
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