New settlement for Russia

Russia’s National Settlement Depository (NSD) has launched a new service allowing to process client cross-currency settlements – payment versus payment (PVP-1), increasing the reliability of settlements and assuming that a participant’s cash transfer in one currency occurs if another participant’s cash transfer in another currency takes place simultaneously.

The service is available only to credit organisations; operations can be conducted only with the use of correspondent accounts and trust management accounts opened by credit organisations with the NSD in Russian rubles, US dollars, Swiss francs, British pounds, Chinese renminbi and Hong Kong dollars.