Interbank settlements arise when the payer and recipient of funds have accounts in different banks, as well as when banks lend to each other.

There are two options for organizing interbank settlements using correspondent accounts:

1) centralized– settlements between banks are carried out through their correspondent accounts opened with the Central Bank;

2) decentralized – based on correspondent relationships of banks with each other.

Carrying out settlements through the RCC system.

In Russia, centralized interbank settlements predominate. Settlements between banks are carried out by divisions of the Central Bank - cash settlement centers (RCC).

To conduct settlement transactions, each credit institution opens one correspondent account at the RCC. A credit institution has the right to open one branch in the name of each branch at its location correspondent sub-account.

The relationship between the Central Bank and the credit institution (branch) it serves when carrying out settlement operations is regulated by law and a correspondent account (subaccount) agreement.

An account agreement is concluded for a period agreed upon by the parties and determines the procedure for settlement services, the rights and obligations of the CB and the Central Bank when performing settlement transactions on a correspondent account, the method of exchanging settlement documents, the procedure for payment for settlement services, the responsibility of the parties for non-fulfillment or improper fulfillment of obligations under the agreement.

Payment documents are accepted by the RCC regardless of the balance of funds in the CB correspondent account at the time of their acceptance. Payments can be made within the limits of funds available at the time of payment, taking into account funds received during the operating day and Central Bank loans (overdraft).

The credit institution determines the type of payment (“by mail”, “telegraph”, “electronically”) and, depending on the chosen type of payment, submits settlement documents to the RCC on paper or electronically (via communication channels, on magnetic media). Used by banks advice note– official notification of the execution of a settlement transaction.

Clients' settlement documents, as well as CB's own transactions, are submitted on paper to the RCC as part of a consolidated payment order with an attached list of settlement documents.

Operations for debiting funds from a KB correspondent account or crediting them to this account are confirmed by an extract on paper or in the form of an electronic service information document.

CBs (branches) that have opened correspondent accounts (subaccounts) in the RCC are assigned BICs (bank identification codes) of settlement participants for the purpose of their unambiguous identification when conducting settlement operations.

The activities of the RCC are inextricably linked with the work of computer centers (CC).

Carrying out settlements through correspondent accounts opened with other credit institutions.

CB (respondent bank) enters into an account agreement and opens a correspondent account in another CB (correspondent bank). The correspondent bank opens a correspondent account for the respondent bank upon receipt of the established documents and signing of the account agreement.

A correspondent account opened by this CB in another bank is called a “NOSTRO” account. A correspondent account opened by another bank in this CB is called a “LORO” account.

Settlement transactions are carried out subject to ensuring daily equality of cash balances in the correspondent account with the balance sheet of the respondent bank and the balance sheet of the correspondent bank.

Reflection of settlement transactions in the balance sheets of the respondent bank and correspondent bank is carried out on one calendar date (day, month, year) - the date of payment transfer (DPP). The DPP is established taking into account the deadline for passing the settlement document (document flow).

In accordance with the procedure for carrying out transactions on correspondent accounts “LORO”, “NOSTRO”, an agreement must be reached between the respondent bank and the correspondent bank:

1) on the procedure for establishing the DPP when conducting settlement transactions based on the document flow;

2) on the rules for the exchange of documents (on paper, in the form of an electronic document) and the form of the register of upcoming payments listing the necessary details for making settlement transactions, the method and procedure for its transfer (on paper or in the form of an electronic document);

3) on the obligations of the executing bank to send the sending bank confirmation of the settlement transaction for its reflection in the correspondent account in the respondent bank and the correspondent bank on the same date;

4) on the procedure for banks to act upon receipt of a settlement document later than the established DPP, untimely receipt or failure to receive confirmation of a settlement transaction, or due to the occurrence of force majeure circumstances;

5) on the obligations of the respondent bank to replenish the correspondent account to pay for settlement documents presented to this account;

6) on crediting the account by the correspondent bank;

7) on the conditions for termination of the contract, including the case of failure by the respondent bank to fulfill its obligations to replenish its account.

Operations to write off funds from the LORO correspondent account are carried out by the correspondent bank on the payment order of the respondent bank, provided that there are sufficient funds in its account. Funds are written off without the consent of the respondent bank in cases provided for by law or the account agreement.

Carrying out settlements on interbranch settlement accounts between divisions of one credit institution.

Settlement operations of a credit organization between the parent organization and branches, as well as between branches of the same credit organization, are carried out through interbranch settlement accounts.

Internal bank rules are drawn up in the form of a separate document, approved by the executive body of the commercial bank and must contain:

1) the procedure for opening, closing and replenishing (increasing the balance of the passive account) interbranch settlement accounts;

2) the procedure for identifying each settlement participant in the CB interbranch settlement system (a system of technical, telecommunications and organizational measures that ensure the possibility of conducting settlement transactions between divisions) when making settlements (exchange of cards with sample signatures and seal imprints, the use of analogues of a handwritten signature in the form of codes , passwords, electronic signature, etc.);

3) description of document flow, the procedure for transferring and processing settlement documents when conducting transactions on inter-branch settlement accounts, as well as the sequence of passing documents between CB divisions;

4) the procedure for forwarding settlement documents;

5) the procedure for establishing the DPP when conducting settlement transactions based on the document flow between departments;

6) the procedure for conducting settlement transactions by divisions when redistributing funds;

7) the procedure for daily reconciliation of payments between departments for inter-branch settlement accounts and for the redistribution of funds;

8) the procedure for departments to act upon receipt of a settlement document for payment later than the established DPP, untimely receipt or failure to receive confirmation of the settlement transaction for technical reasons or due to the occurrence of force majeure circumstances.

Clearing.

Clearing is a system of non-cash payments based on the offset of mutual claims and obligations. Clearing centers are created in the banking system through which settlements are carried out. Also, a clearing settlement network is being organized on the basis of large banks.

The clearing center opens correspondent accounts for banks through which mutual claims are offset.

Section PM 2. Implementation of interbank settlements

The organization of interbank settlements is one of the important parts of the functioning of commercial banks. They mediate the following types of settlement transactions:

Industrial and commercial enterprises and organizations and their structural units with each other regarding the purchase and sale of goods and services provided;

With the budget and extra-budgetary funds for the payment of taxes, fees and duties;

With insurance companies for all types of insurance;

With individuals for the payment of wages and equivalent payments by crediting funds to their accounts;

With economic entities regarding attracting deposits and providing loans;

For foreign economic transactions: settlements under letters of credit, collection and international transfers.

The interbank settlement system allows banks to:

Crediting and debiting funds from customer accounts when the accounts of their counterparties are in other banks;

Placement of temporarily available funds in the form of interbank loans and deposits;

Obtaining centralized loans through refinancing;

Purchase and sale of foreign currency on national and international financial markets;

Purchase and sale of securities and marketable debt obligations of both public and private companies;

Providing international consortium loans;

Providing interstate loans.

Interbank settlements are a system of payments between banks based on direct transfers of funds and regular offsets of their mutual financial claims and obligations.

The modern interbank settlement system consists of two subsystems:

interbank settlements through a system of correspondent accounts opened in structural divisions of the central bank (cash settlement centers - RCC);

direct settlements between commercial banks.

Correspondent accounts are accounts that banks open with each other, including with the Central Bank of the Russian Federation. Correspondent accounts can be opened both in rubles and in foreign currency. There are two types of correspondent accounts:

Nostro is a bank account opened with another bank (“our account is with them”),

Loro is an account of another bank opened in our bank (“their account is with us”).

Due to the fact that various bank accounts reflect the financial transactions of clients, they also serve to establish the relationship between the bank and the legal entities and individuals it serves.

To open an account in the Bank of Russia settlement network, you must submit the following documents:

1. application for opening a correspondent account;

2. a copy of the license to carry out banking operations, certified in the prescribed manner;

3.copies of constituent documents, certified in the prescribed manner:

4.Charter of the credit organization;

a. certificate of state registration of a credit organization;

5. a letter from the territorial institution of the Bank of Russia confirming the approval of the candidates for the head and chief accountant of the credit organization;

6. certificate of registration with the tax authority;

7. a card certified in accordance with the established procedure with sample signatures of the manager, chief accountant and authorized officials of the credit institution and the seal of the credit institution.

Relations between the Bank of Russia are regulated by law and the correspondent account agreement. The agreement is concluded for a certain period and determines the procedure for settlement services, the rights and obligations of the parties when performing transactions on a correspondent account.

Payments can be made within the limits of funds available at the time of payment, taking into account funds received during the operating day and loans from the Bank of Russia.

The main document for the transfer of funds is the consolidated payment order. Transfer of funds to required reserves is carried out in separate payment documents. Operations of crediting funds to a correspondent account or debiting funds from this account are confirmed by an extract from the correspondent account.

Settlement documents for other payments are not subject to accounting in the division of the Bank of Russia settlement network and are transferred for placement in the file cabinet of unpaid settlement documents maintained by the credit institution (branch).

The procedure for the credit institution to submit electronic payment documents.

The generated EPD, or EPD package, is sent by the credit institution to a division of the Bank of Russia settlement network using telecommunications or submitted on a magnetic medium by courier or special communications.

A full-format EPD contains all the payment details and has equal legal force with a payment order on paper, sealed and signed by the account manager in accordance with the samples declared by the credit institution (branch). The abbreviated format EPD contains part of the details required for performing transactions on accounts in a division of the Bank of Russia settlement network.

The credit institution submits the magnetic media (floppy disk) with EPD along with two copies of the inventory of magnetic media (floppy disks), compiled on paper in any form. The inventory indicates the total number and numbers of magnetic media (floppy disks), as well as the total number and amount of EPD included in each magnetic media (floppy disk). The inventory is drawn up with the seal and signatures of the account managers in accordance with the samples declared by the credit institution (branch).

The procedure for carrying out settlement transactions on interbranch settlement accounts between divisions of one credit institution.

Settlement operations of a credit organization between the parent organization and branches, as well as between branches, are carried out through inter-branch settlement accounts.

Internal bank rules are drawn up in the form of a separate document, approved by the executive body of the credit institution and must contain:

1. procedure for opening, closing and replenishing (increasing the balance of the passive account) interbranch settlement accounts;

2. the procedure for identifying each participant in settlements in the system of interbranch settlements of a credit organization (a system of technical, telecommunication means and organizational measures that ensure the possibility of conducting settlement transactions between divisions of a credit organization) when making settlements (exchange of cards with sample signatures and a seal imprint, the use of analogues of a handwritten signature in the form of codes, passwords, electronic signatures, etc.);

3. description of document flow, the procedure for transferring and processing settlement documents when conducting transactions on interbranch settlement accounts, as well as the sequence of documents passing between divisions of the credit institution;

4. procedure for forwarding settlement documents;

5. the procedure for establishing DPP when conducting settlement transactions based on the document flow between divisions of the credit institution;

6. the procedure for conducting settlement operations by divisions of a credit institution when redistributing funds;

7. the procedure for daily reconciliation of settlements between divisions of the credit institution for inter-branch settlement accounts and for the redistribution of funds;

8. the procedure for the actions of the divisions of the credit institution in the event of receipt of a settlement document for payment later than the established DPP, untimely receipt or failure to receive confirmation of the settlement transaction for technical reasons or due to the occurrence of force majeure circumstances;

In the absence of a correspondent sub-account with the Bank of Russia and correspondent accounts with other credit institutions, the branch carries out all settlement transactions through inter-branch settlement accounts opened in divisions of the credit institution that have correspondent accounts (sub-accounts) with the Bank of Russia. In addition, a branch may open interbranch settlement accounts in other branches of a credit organization, if this is provided for by the Rules for the construction and operation of the credit organization's settlement system.

The procedure for recording transactions in interbranch settlement accounts

Reflection in the accounting records of credit institutions of transactions on interbranch settlement accounts carried out on the same day. In the bank that sends the payment:

Dt of a client account, correspondent account (subaccount), account for the economic and financial activities of a credit organization (branch)

Kt 30301 "Settlements with branches located in the Russian Federation"

or Dt 30301 "Settlements with branches located in the Russian Federation"

CT account for economic and financial activities of a credit organization (branch)

In the bank that performs the payment:

Dt 30302 "Settlements with branches located in the Russian Federation"

CT account of a client, correspondent account (subaccount), account for the economic and financial activities of a credit organization (branch)

or DT account for economic and financial activities of a credit organization (branch)

Kt 30302 "Settlements with branches located in the Russian Federation"

Reflection in the accounting records of credit institutions of transactions on interbranch settlement accounts if the date of debiting funds from the client’s account does not coincide with the DPP.

In the bank - the sender of the payment.

On the day funds are debited from the client's account:

Dt of client account, correspondent account (subaccount) of a credit institution (branch)

Kt 30220 "Customer funds for unfinished settlement transactions"

The advantages of settlements through interbank correspondent accounts are as follows:

Firstly, this is in the interests of clients who have stable contractual relationships with clients of other banks. From the very beginning, correspondent relationships are established specifically to provide services to clients. By opening a correspondent account, a bank can purchase certain services for clients much cheaper than it would provide them itself, mainly due to economies of scale.

Secondly, calculations are significantly accelerated, since they are carried out directly, without intermediate links. The efficiency of settlements is facilitated by the use of electronic payment systems or telex communications in relations between correspondents.

Thirdly, with extensive correspondent relations, conditions arise for clearing (offsetting mutual orders from banks, as a rule, by opening an account in one large bank). Conducting clearing between correspondent banks allows you to minimize the balances of funds in correspondent accounts, which means freeing up some of them for settlements and using them to generate income. However, the regulatory framework for such payments is practically absent, which increases the risks that arise.

Fourthly, opportunities for active work in the market and the use of a whole range of financial instruments are expanding. On the one hand, a large bank can attract significant funds as correspondent account balances and use them for various operations. A large correspondent network allows the bank to carry out bill circulation. On the other hand, client banks can, having balances on correspondent accounts as collateral, receive loans for operations carried out by the main bank.

However, the extensive system causes the dispersal of funds across numerous correspondent banks. Settlements on interbank correspondent accounts are less amenable to control by the Central Bank of the Russian Federation, and therefore more susceptible to risk.

Related information.

Interbank settlements is a system of non-cash payments between credit institutions.

Functions of interbank settlements:

• attraction and placement of funds in the form of deposits and loans;
• rediscounting of bills from each other and the Central Bank of the Russian Federation;
• purchase and sale of securities;
• provision of centralized loans;
• settlement and cash services for clients on behalf of each other on the basis of correspondent relationships.

Calculations can be made through:

• settlement network of the Bank of Russia;
• credit organizations with correspondent accounts "Loro" and "Nostro";
• non-bank credit organizations carrying out settlement operations (clearing houses);
• intrabank settlement system (inter-branch settlement accounts).

To carry out settlements, agreements are concluded between credit institutions and correspondent accounts are opened (Fig. 6.6).

Rice. 6.6.

Correspondent is called a bank account of a credit organization, which reflects settlements made by one credit organization on behalf of another on the basis of a concluded agreement.

A correspondent account can be opened:

• in the division of the settlement network of the Bank of Russia (No. 30102 (A));
• in another credit institution.

Main elements of the Bank of Russia payment system

The payment system of the Bank of Russia operates settlement systems that differ in the composition of their participants, territorial coverage, operating time, the procedure for transferring funds and the technology used and including:

• – a system of banking electronic urgent payments (BESP), designed to transfer funds in real time throughout the country;
• – systems of intraregional electronic settlements (IER), more than 70 systems operating continuously and transferring funds in the territory under the jurisdiction of one territorial institution of the Bank of Russia;
• – a system of intraregional electronic payments for the Moscow region, operating both in flight mode and in continuous mode;
• – a system of interregional electronic settlements (MES), which allows for the transfer of funds between regions of Russia;
• – settlement systems using advice notes (telegraphic and postal), based on the use of paper technology, allowing the transfer of funds both within the jurisdiction of one territorial institution of the Bank of Russia and between regions (Fig. 6.7).

Rice. 6.7.

International interbank settlements are also carried out through correspondent accounts through the so-called cross-border payment systems. The most famous of them and systemically significant include the European real-time gross settlement system - TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) and the SWIFT system - a unified international transfer network based on standard message formats in the interbank settlement chain, in accordance with which most transactions (transfers) are formed.

Settlement network of the Bank of Russia is a system of settlement institutions at the federal, interregional and intraregional levels, including territorial institutions, RCC, MCI and RCI.

In accordance with Law No. 161-FZ: “Settlement center is an organization created in accordance with the legislation of the Russian Federation, ensuring, within the payment system, the execution of orders of payment system participants by debiting and crediting funds to the bank accounts of payment system participants, as well as sending confirmations relating to the execution of orders of payment system participants."

RCC (cash settlement center) is a structural division of the Bank of Russia, operating as part of its territorial institution (GU Central Bank of the Russian Federation).

The number of RCCs in the Russian banking system is rapidly declining. Recently, the process of combining them into unified telecommunications regional networks has been underway.

The purpose of the RCC is to ensure reliable, efficient and secure functioning of the Russian payment system. The name of the RCC includes the name of the locality and territorial institution of the Bank of Russia, within which the RCC operates. The RCC has an identification code.

To service the largest banks that influence the stability of the entire payment system of the country, and to control their settlement operations, a special center has been created under the Central Bank of the Russian Federation - Operations Management.

Main functions of the RCC:

• carrying out settlements between credit institutions (branches);
• providing cash services to credit institutions (branches);
• storing cash and other valuables, performing transactions with them and ensuring their safety;
• ensuring accounting and control of settlement transactions and reconciliation of mutual settlements through correspondent accounts (sub-accounts) opened for credit institutions (branches);
• ensuring accounting and control of cash transactions through correspondent accounts (sub-accounts) opened for credit institutions (branches) and cash turnover of credit institutions;
• establishing minimum acceptable cash balances in the operating cash desks of credit institutions (branches) and other legal entities and exercising operational control over compliance with the current procedure;
• drawing up, based on data from credit institutions, a calendar for issuing money for wages and submitting it to the territorial office of the Bank of Russia;
• regulation of required reserves deposited with the Bank of Russia, monitoring the timeliness and completeness of the transfer of funds to required reserves, checking the reliability of calculations of required reserves;
• participation in the implementation of functional tasks of the territorial institution of the Bank of Russia: providing Bank of Russia loans to banks; by his order, participation in inspections of credit institutions (branches); application of sanctions in the form of a fine, etc.

RCC carries out operations on opening, re-registering and closing accounts of credit institutions, writing off (crediting) funds from accounts (to accounts), monitors compliance with the rules for conducting settlement transactions, etc.

Settlements between RCCs. Advice – An official notice (notification) from one bank to another about the execution of settlement transactions on correspondent accounts or customer accounts. For credit memos, money is transferred to the payee's account, for debit memos, money is written off and confirmations are sent (Fig. 6.8).

To identify the payer and recipient of funds, the BIC (bank identification code) is indicated on payment documents, which includes nine digits, for example, in BIC 04 45 83 468 “04” is the code of Russia; "45" – Russian territory code; "83" – number of the Bank of Russia institution; "468" – KO (bank).

The settlement network of the Bank of Russia is a modern automated settlement system. The mechanism of its action is determined by Bank of Russia Regulation No. 303-P “On the real-time gross settlement system of the Bank of Russia” and instruction No. 1822-U “On the procedure for making payments and making settlements in the real-time gross settlement system of the Bank of Russia.”

Rice. 6.8.

Real time mode (RRV) – This is the procedure for monitoring and executing payment documents, ensuring settlement transactions:

• continuously throughout the day;
• immediately upon receipt of payment documents;
• transfer of funds individually and sequentially for each payment document;
• through the use of electronic documents, the development of which is carried out in the SWIFT mode - standardized electronic message formats.

Rice. 6.9.

The current settlement system in Russia distinguishes between types of electronic payments (Fig. 6.9) and electronic payment systems (Fig. 6.10). sometimes defined as specialized, classified according to different criteria:

• by scale of payments - large (small);
• by form of ownership - public and private;
• by payment instruments – paper, electronic, mixed;
• by payment methods – gross, netting, hybrid;
• according to the degree of significance of systems – systemically significant, significant, insignificant;
• by participants (subjects) of settlements and territorial affiliation (as in Russia).

At the end of 2007, the Bank of Russia introduced BESP– a system of banking electronic urgent payments, which operates along with systems of intraregional and interregional settlements. BESP mainly serves settlements for large amounts based on the principle of combining real-time settlements with offsets. This involves abandoning work with paper media of primary information and switching to working with electronic documents (Fig. 6.11).

Rice. 6.11.

Participants in settlements: ESD - special participants in settlements;

DUR – direct participants in settlements;

AUR – associated settlement participants

The main trend in the development of interbank settlements is a gradual transition to a system of gross settlements in real time. In developed countries, the system began to be implemented in the late 1990s. It is used, as a rule, for settlements of large transactions in the financial market. In most countries, the clearing bank through which payments are made is the central bank. Payments belong to the category of credit payments, i.e. they are initiated by the payer. The bank debits his account and almost simultaneously credits the payee's account. Distinctive features of gross calculations are presented in Fig. 6.12.

Rice. 6.12.

In Fig. 6.13 shows a diagram of the transmission of electronic payment documents (EPD) through intraregional systems, in Fig. 6.14 – for interregional systems.

Rice. 6.13.

1 – settlement documents; 2 – creating an electronic message about debiting funds; 3 – ESID (electronic service information document on the receipt of parcels) on the completion of postings to the correspondent account; 4 – in the RCC, transactions are simultaneously reflected in correspondent accounts, where funds are written off from the payer’s bank and credited to the recipient’s bank; 5 – electronic parcel about the transfer of funds; 6 – ESID parcels about receipt of funds; 7 – production of an electronic sample ED on paper for clients

Rice. 6.14.

1 – settlement documents; 2 – electronic parcels with copies of EPD for reflection in correspondent accounts; 3 – ESID about receiving parcels; 4 – electronic parcels with copies of EPDs for debiting and crediting to the personal accounts of participants in electronic settlements at the GRCC; 5 – in the Federal Settlement Center (FRC), personal accounts of the GRCC of participants in electronic settlements have been opened, where funds are simultaneously debited and credited from the personal accounts of the GRCC of the sender’s bank and the recipient’s bank; 6 – ESID on successful completion of electronic payment; 7 – electronic parcels about the transfer of funds to correspondent accounts; 8 – ESID about receipt of the parcel; 9 – electronic messages about credited funds; 10 – ESID about receipt of the parcel; 11 – production of electronic samples on paper EPD for clients

Direct payments between credit institutions historically arose in the system of international monetary settlements on the basis of correspondent relations established between banks of different countries. Correspondent banks open Loro or Nostro correspondent accounts with each other.

Correspondent account "Loro"(balance sheet account 30109) is a passive account (demand deposit) opened in bank A by bank B to serve its clients.

Correspondent account "Nostro"(balance sheet account 30110) is active and reflects the Loro accounts in bank B. Bank A employees can say: “they have our account.” For Bank B everything will be the other way around. The bank maintaining Loro accounts must monitor account balances on a daily basis. If the balance is in debit, the correspondent bank is notified of the amount of the overdraft (for more details, see paragraph 7.2) that must be covered.

Each bank can have correspondent relationships with several foreign and domestic banks. Types of operations for correspondent accounts:

• settlement and cash services for correspondent bank clients;
• transactions on interbank loans and deposits;
• own operations of the bank maintaining the correspondent account: receipt and payment of interest, expenses, etc.

SWIFT carries out transfers through Loro and Nostro accounts and performs clearing settlements.

Interbank clearing is a system of non-cash payments between banks carried out through unified settlement centers. The clearing system is based on the fact that all banks perform approximately the same operations, have a similar accounting organization, and a high level of computerization.

The advantage of a clearing settlement system compared to correspondent direct settlements is as follows: funds are not dispersed among correspondent accounts, clearing centers accumulate them for settlements and significantly speed up settlements. The center may be the clearing house of the Central Bank or a chamber established by the banks themselves.

Clearing settlement mechanism is based on two types of calculations. They can be carried out either on a gross basis(gross settlement systems), or based on net position(net settlement systems). In the first case, payment is made in full. The net position is the result of offset; it is the difference between the amount credited to the account of a system participant and the amount debited from this account over a certain time. That is, netting occurs - the offset of mutual claims and obligations with only balances being circulated on the account. It is possible to form a debit balance on the account of a settlement participant, which can be covered by receipts to this account until the end of the working day. Based on the results of all transfers, the account balance of each participant is determined. If it exceeds the permissible minimum debt, the difference must be deposited into the clearing house account. If the account owner does not have funds, he may be provided with an overdraft. In the event of a credit balance, the difference forms a free balance, which can be claimed from the clearing house account.

Mutual settlements significantly reduce the volume of transferred funds, speed up settlement processes, and increase the liquidity of banks. At the same time, clearing settlements are associated with fairly high risks: liquidity, technical and information.

Clearing-based settlements can be either interbank or intrabank, usually carried out in multi-branch banks. An example (Fig. 6.15) of organizing settlements within large multi-branch banks, the branches of which become participants in the inter-branch settlement system, is Sberbank of Russia. Currently, the Savings Bank of the Russian Federation is restructuring its system of intrabank and interbank settlements based on the introduction of more advanced technologies.

Rice. 6.15. For a detailed classification of payment systems and their features in different countries, see: Krivoruchko S. V. Payment systems: textbook, manual. M.: Market DS, 2008.

A detailed classification of payment systems and their features in different countries is given in the book: Krivoruchko S. V.. Lopatin V. A. National payment system: structure, technology, regulation. International experience, Russian practice. M.: KnoRus; TsIPSiR, 2013.

Electronic documents used in the banking settlement system (interbank settlements, "Bank - Client") replace traditional (paper) financial payment documents. Bank - Client is a network multi-user system that allows for the preparation, storage and retrieval of client payment documents.

Settlements carried out between business entities (enterprises, organizations) determine mutual settlements between banks. Interbank settlements arise when the payer and recipient of funds are serviced by different banks, as well as when banks mutually lend.

Interbank settlements— these are settlements between credit institutions and their branches. The levels of settlement relationships between banks have common features and differences. These types of relationships differ in the form of organization and economic content. The organizational differences are that in settlements between credit institutions they are implemented as relationships between economically separate entities, and in inter-branch settlements - within the boundaries of one bank.

In terms of economic content, settlements between commercial banks and within one bank (inter-branch) differ in the payment boundary, the method of relationship and the technology of implementation.

Payment limit within the framework of settlements between credit organizations, it is limited to the available funds in the correspondent account; between branches of the same institution they are not limited. There are also differences in the legal formalization of the procedure and methods of making payments. When making payments between credit institutions, their settlement relationships are fixed in agreements for inter-branch settlements - determined by the rules established by the head bank for all divisions. Branches of one bank are strictly limited in the choice of payment methods.

The organization of settlements between independent credit organizations is based on specific correspondent relationships that arise between banks.

When conducting interbank settlements, three main methods are used:

1) debiting and crediting funds to accounts opened by banks with the central bank;

2) making payments on NOSTRO and LORO accounts, which are opened by banks with each other on a bilateral basis;

3) settlements are carried out through accounts opened either with a correspondent bank or with a specialized settlement or clearing organization.

The variety of methods for carrying out settlements between credit institutions nevertheless assumes that they are based on uniform principles. These principles correspond to the principles of the cashless payment system, but have certain specifics.

Such specific principles include:

Maintaining liquidity of participants in interbank settlements;

Control over the correctness of interbank settlements;

Unconditional payment for interbank obligations;

Carrying out a payment within the limits of available funds in the correspondent account.

Compliance with the listed principles allows us to ensure the timeliness and completeness of settlement transactions.

The key role in organizing interbank settlements belongs to the Bank.

Russia. According to the law, it is a methodological center that exercises control and supervision over this area of ​​​​relationships. The Bank of Russia organizes and manages, through cash settlement centers, a system of transfers of funds between banks on a gross (total) basis, and makes final clearing settlements by transferring net liabilities and claims based on the results of offset to accounts opened with the RCC. If there is a need for credit institutions, the Bank of Russia can provide services to complete settlements by providing loans.

An important element of interbank settlements carried out directly by credit institutions are correspondent accounts.

Correspondent account- this is, in fact, a bank current account in which free funds are stored, intended for settlements with counterparties. The range of transactions carried out on correspondent accounts is quite wide.

For these accounts the following are carried out:

Operations for settlement and cash services, lending and other services to clients of the bank itself, namely settlements:

With the budget and extra-budgetary funds,

Insurance companies,

Central Bank;

Transactions on interbank loans and deposits, securities, purchase and sale of currencies, transfer of reserve requirements;

Business operations of the bank.

The bank can carry out some customer service operations in cash.

A commercial bank may have several correspondent accounts. Their nature and quantity are determined by the bank’s participation in other subsystems of interbank settlements.

Settlements between banks, as already mentioned, are carried out through cash settlement centers created by the Bank of Russia. RCC acts as an intermediary in the transfer of funds when using first method interbank settlements.

Second method interbank settlements are based on the opening of direct correspondent accounts and the establishment of direct correspondent relations.

The procedure for opening and closing accounts;

List of required documents;

List of transactions carried out on the account;

Account operation mode;

Electronic information exchange technology.

When making payments through the RCC, a commercial bank at its location opens one correspondent account. In addition, a credit institution has the right to open one correspondent sub-account in the name of each branch at its location.

An agreement is concluded between the RCC and the credit institution, which defines the procedure for settlement services, the rights and obligations of the parties, the method of exchanging information, and liability for non-fulfillment or improper fulfillment of obligations under the agreement.

The Bank of Russia accepts payment documents regardless of the balance of funds in the correspondent account of the credit institution. Payments are made within the available balance of funds.

A payment made by a credit institution through the settlement network of the Bank of Russia is considered:

Irrevocable - after debiting funds from the correspondent account of a credit institution, confirmed by an extract or electronic official information documents;

Final - after funds are credited to the recipient's account, confirmed accordingly.

The correspondent account of a credit organization may be closed on the initiative of the credit organization itself or on the basis of an application from the liquidation commission upon its liquidation.

Settlements between branches of a credit organization are called interbranch.

Mutual settlements between branches are divided into two types:

1) movement of resources within one bank;

2) carrying out operations carried out on behalf of clients.

The means of interbranch settlements are advice notes for microfinance organizations (interbranch turnover). This document is drawn up and sent by the RCC to the address of another RCC to complete inter-branch settlements. Advice notes, as a rule, are sent by special communication or telegraph.

One of the calculation methods is clearing.

Clearing is a system of relations in which the monetary claims of private owners are repaid by their own monetary obligations without the use of money or with its minimal use. Depending on the frequency of mutual settlements, clearing can be one-time or permanent. One-time clearing is carried out sporadically as accounts receivable and payable accumulate. Permanent clearing is carried out periodically, regardless of the state of monetary obligations and monetary claims of participants. Based on the composition of participants, clearing can be bilateral or multilateral, when settlements are carried out between groups of enterprises, united, as a rule, along industry or territorial grounds.

Non-cash payments are carried out through credit institutions, their branches and the Bank of Russia on accounts opened on the basis of a bank account agreement or a correspondent account (sub-account) agreement.

Correspondent account – a bank account that can be opened in divisions of the settlement network of the Bank of Russia or other credit institutions and which reflects payments made on the basis of a concluded bank account or a correspondent account agreement (subaccount). Correspondent accounts are divided into accounts:

NOSTRO – correspondent accounts (current and active), which are opened by the respondent bank (account manager) in the correspondent bank;

LORO – correspondent accounts (current and passive), which are opened by the correspondent bank to the respondent bank;

VOSTRO – foreign bank accounts in a resident bank in local currency or the currency of a third country.

Correspondent bank is a bank that has opened a LORO account for the respondent bank and carries out operations on this account in accordance with the current legislation and agreement. Respondent bank is a bank that opened a NOSTRO account with a correspondent bank, which is its manager.

Interbank settlements in the Russian Federation can be carried out using:

• – correspondent accounts (sub-accounts) opened with the Bank of Russia;
• – correspondent accounts opened with credit institutions;
• – accounts of settlement participants opened with non-bank credit institutions conducting settlement operations;
• – interbranch settlement accounts opened within one credit institution.

Interbank payments are carried out according to the same principles as non-cash payments. Of fundamental importance for the organization of interbank settlements are:

• 1) the principle of maintaining one's liquidity at a level that ensures uninterrupted, full-scale settlements with other banks;
• 2) the principle of monitoring the correctness of interbank settlements – control over payments: for customer accounts in banks and for correspondent accounts of banks in the RCC; on the accounts and balances of commercial correspondent banks during their settlements with each other; in settlements between RCCs.

The Bank of Russia is taking measures to ensure compliance with the principles of organizing non-cash payments. This is facilitated by electronic execution of the bulk of payments.

Settlements through divisions of the Bank of Russia settlement network

To conduct settlement operations, each credit institution located on the territory of the Russian Federation and having a license from the Bank of Russia to carry out banking operations opens one correspondent account at its location in a division of the Bank of Russia settlement network.

A credit institution has the right to open in the name of each branch at its location one correspondent sub-account in a division of the Bank of Russia settlement network. The exception is branches serviced in the same division of the Bank of Russia settlement network with the parent credit institution or another branch of the credit institution. In this case, settlement transactions are carried out through the correspondent account of the parent credit organization or the correspondent sub-account of another branch of the credit organization, opened with the Bank of Russia.

Relations between the Bank of Russia and the credit institution (branch) it serves when carrying out settlement transactions through the Bank of Russia settlement network are regulated by legislation, a correspondent account (sub-account) agreement, as well as amendments to the account agreement. A correspondent account (sub-account) agreement is concluded between the Bank of Russia (represented by a division of the Bank of Russia settlement network if the manager has a power of attorney for this) and a credit institution (branch - if the manager has a power of attorney for this).

This agreement is concluded for a period agreed upon by the parties and determines:

• – the procedure for settlement services, the rights and obligations of the credit institution (branch) and the Bank of Russia when performing settlement transactions on a correspondent account (sub-account);
• – method of exchanging settlement documents with the Bank of Russia;
• – the procedure for payment for settlement services provided by the Bank of Russia;
• – liability of the parties for non-fulfillment or improper fulfillment of obligations under the contract;
• – other conditions provided for by law and regulatory documents of the Bank of Russia.

The Bank of Russia accepts payment documents regardless of the balance of funds in the correspondent account (sub-account) of the credit institution (branch) at the time of their acceptance. The credit institution (branch) determines the type of payment (“by mail”, “telegraph”, “electronically”) and, depending on the selected type of payment, submits settlement documents on paper and (or) electronically (via channels) to the Bank of Russia settlement network division communications, on magnetic media).

A payment made through a division of the Bank of Russia settlement network is considered:

• – irrevocable – from the moment funds are written off from the payer’s account in a division of the Bank of Russia settlement network;
• – final – from the moment the funds are credited to the recipient’s account in a division of the Bank of Russia settlement network.

One of the areas of regulation by the Bank of Russia of the system of non-cash settlements and payments is the actual provision of settlement and payment services.

The payment system of the Bank of Russia ensures settlements for payments in rubles using funds stored in accounts with the Bank of Russia. The system is gross, i.e. settlements for all payments are carried out on the accounts of its participants on an individual basis. It is defined as a complex and multi-component administrative structure.

In fact, the existing architecture of this payment system is formed from regional components, including regional settlement systems at the level of each territorial institution of the Bank of Russia (currently, regional components are being gradually “strengthened” and their number is reduced). The operating features of each regional component are determined based on the differences in the software and hardware complex that provides information processing. These complexes are adapted to the conditions of a specific territorial institution, taking into account the existing information and telecommunications infrastructure in the region.

Relations between the Bank of Russia and participants in its payment system are carried out through electronic document management. The essence of the concept of electronic payments is that properly executed and transmitted messages are the basis for conducting banking transactions. Such messages are called electronic money, and banking operations performed on their basis are called electronic payments. Paper confirmations, in principle, are not required, although in practice, due to prevailing stereotypes, in some credit institutions electronic documents are printed daily to generate bank documents on paper.

Banks participating in electronic exchange are constantly aware of the status of their correspondent account opened with the Bank of Russia. This allows them to more effectively manage portfolios of assets and liabilities, control their liquidity, and reduce risks during operations.

Electronic payment system of the Bank of Russia has a two-level structure, including intraregional and interregional calculations.

The system of intraregional settlements includes: the main settlement and cash center (GRCC) of the region and regional commercial banks, including branches of other regions.

The system of interregional settlements includes: a participating bank, a regional GRCC of the Bank of Russia and a federal settlement center. The exchange of electronic documents between participants in interregional payments at the initial stage is carried out according to the document flow scheme for intraregional payments, but due to the increased number of participants, the number of exchange procedures increases.

When performing electronic settlements through the settlement network of the Bank of Russia, both full-format electronic payment documents are used, which do not require accompanying settlement documents on paper, and reduced-format electronic payment documents, which require mandatory paper confirmation. The Bank of Russia makes payments using paper technology only if there is an order from clients to make them using postal or telegraph technology, if electronic payments require support with paper documents, as well as in some regions in which, by decision of the Bank of Russia, electronic payments are not used payments. The efforts of the Bank of Russia are aimed at increasing the efficiency of the functioning of its own payment system, primarily through targeted activities to expand the use of electronic technologies for non-cash payments, as well as conducting settlements in real time.

The procedure for organizing and functioning of the system of banking electronic urgent payments (BESP) is regulated by the Regulation of the Bank of Russia dated April 25, 2007 No. 303-P “On the real-time gross settlement system of the Bank of Russia” and the Directive of the Bank of Russia dated April 25, 2007 No. 1822 -U "On the procedure for making payments and making settlements in the system of gross settlements in real time of the Bank of Russia."

The BESP system operates in the payment system of the Bank of Russia and is intended for making urgent payments in Russian currency to the Bank of Russia, credit organizations (their branches), clients of the Bank of Russia that are not credit organizations (their branches). This settlement system is designed to provide continuous settlement on a gross basis in real time (as received) of electronic payment messages.

Settlements through the BESP system are non-cash payments carried out using funds in clients’ bank accounts with the Bank of Russia, as well as from an extended loan. When making settlements through the BESP system, BESP system participants are provided with settlement and other services.

Urgent payments include payments by participants in the BESP system, including those related to the implementation of monetary policy, interbank payments, payments on behalf of clients - participants in the BESP system.

The BESP system is used along with systems of intraregional electronic payments and interregional electronic payments. Participants in the BESP system also have the right to make their payments through the payment system of the Bank of Russia using these settlement systems.

Information security in the BESP system is ensured by a set of technological and organizational measures, hardware, software, technical and cryptographic means of protecting information in accordance with the requirements of the legislation of the Russian Federation and regulations of the Bank of Russia on ensuring information security.

The BESP system uses two forms of participation:

• – direct participation – by identifying and providing direct access to the BESP system in real time;
• – associated participation – by identifying and providing access to the BESP system by Bank of Russia service institutions through the Bank of Russia payment system at the level of a territorial institution, which includes divisions of the Bank of Russia settlement network of one territorial institution, as well as the First Operational Department of the Bank of Russia.

Participants in the BESP system are divisions of the Bank of Russia settlement network (Bank of Russia institutions - GRCC, RCC, operational departments, branches) providing settlement services to Bank of Russia clients, as well as other structural divisions of the Bank of Russia, credit organizations, branches of credit organizations, other clients of the Bank of Russia that are not credit institutions (their branches). BESP system participants are divided into special, direct and associated settlement participants.

Credit institutions (their branches) and other clients of the Bank of Russia that are not credit institutions (their branches) are included in the BESP system participants if they comply with the following requirements:

• – availability of a bank (correspondent) account (sub-account) opened with a service institution of the Bank of Russia in accordance with the bank (correspondent) account (sub-account) agreement;
• – fulfillment of mandatory reserve requirements of the Bank of Russia (for credit institutions);
• – absence of overdue monetary obligations to the Bank of Russia (for credit institutions);
• – absence of overdue debt for payment of settlement services of the Bank of Russia;
• – absence of a file of settlement documents not paid on time for a bank (correspondent) account (sub-account) in a servicing institution of the Bank of Russia;
• – participation in the exchange of electronic messages with the Bank of Russia in accordance with the concluded agreement;
• – compliance with technical requirements for the exchange of electronic messages and information security requirements when making payments and making settlements in the BESP system.

BESP system participants have the right to use settlement and other services of the BESP system after being included in the Directory of BIK of Russia and the Directory of BESP system participants.

Participation in the BESP system is terminated:

• – unconditionally – in case of exclusion of a BESP system participant from the BESP system participants;
• – temporarily – in case of temporary suspension of participation or temporary exclusion from participation in the BESP system.

The BESP system is a system centralized at the federal level, in which gross settlements are carried out in real time for payments of all participants in the BESP system, regardless of their territorial location.