Template-Type: ReDIF-Article 1.0
Author-Name: Alexey V. Maslov
Author-Email: alexey.v.maslov@icloud.com
Author-Workplace-Name: Association of Banks of Russia, Moscow 119180, Russian Federation
Title: Development of New Payment Systems in Russia Similar to a CLS Analogue
Abstract: This paper examines the need to create new infrastructural payment and financial institutions in Russia to ensure greater independence of the Russian financial market from any external factors as well as the efficiency of the market for ruble conversion transactions and cross-border payments. The issue of
creating an analogue of Continuous Linked Settlement (CLS) in Moscow on the basis of the Interstate Bank, or establishing a new payment system, is highly relevant. Almost seven years ago, on September 22, 2014, the CLS international payment system postponed the inclusion of the Russian ruble in its list of currencies, scheduled for November of that year. The prospect of such inclusion in the coming years remains very weak. In March 2014, VISA and MasterCard payment systems stopped servicing cards of several Russian Banks in retail outlets and ATMs. Amendments to the Federal Law “On the National Payment System” were prepared and promptly adopted in order to provide infrastructure and information support for the processes of making money transfers within Russia. On July 23, 2014, the National Payment Cards System was launched, which was tasked with creating an operational and clearing center for processing domestic transactions with cards of the international payment systems and promoting the national payment card. This experience should be used to create new
payment systems in order to secure the efficiency of cross-border payments and currency conversion operations. This step will extend the sphere of ruble convertibility, ensure an increase in the status of the ruble and its importance in international trade, and bring Russia closer to practical steps to create a regional international financial center. To expand settlements in rubles on the part of non-residents, it is necessary to strive to perform trade and financial transactions in rubles and keep ruble savings, which is impossible without a market for ruble conversion transactions. The author examines the prospects for
creating a new payment system, in particular with participation of the CIS and BRICS countries.
Classification-JEL: G21, G23
Keywords: CLS, analogue of CLS in Russia, Interstate Bank, the sphere of ruble convertibility
Journal: Finansovyj žhurnal — Financial Journal
Pages: 27-37
Issue: 3
Year: 2021
Month: June
DOI: 10.31107/2075-1990-2021-3-27-37
File-URL: https://www.finjournal-nifi.ru/images/FILES/Journal/Archive/2021/3/statii/02_3_2021_v13.pdf
File-Format: Application/pdf 
Handle: RePEc:fru:finjrn:210302:p:27-37