OREANDA-NEWS. May 8, 2008. Central bank of Russian Federation has added Platina CB to the BESP system participants as a direct settlement participant.

The BESP system (Banking Electronic Speed Payment) is a real time gross settlement system, which is being created by Central Bank of Russia for accelerating payment settlements of Russian economics. Such systems now operate in more than 80 countries, including all member countries of the European Union and virtually all industrialized nations. In most cases, these systems are owned and operated by the central (national) banks.

BESP system is a system that is centralized at the federal level and performs real time gross settlements of payments for all BESP system participants irrespective of their territorial location.

A credit institution may participate in the BESP system directly or on an associated basis. The direct settlement participants have the opportunity to use all the services provided by the BESP system. The associated settlement participants can use the BESP system to pass a settlement document marked 'express'. Accordingly, the associated participants cannot receive the full range of payment and information services received by the direct participants.

The BESP system ensures the processing of payments during the BESP system operational day, that is, from 2.00 a.m. to 9.00 p.m., Moscow Time. Payment is debited from the payer’s, and credited to recipient’s account with the Bank of Russia’s servicing institution during operational day with the same calendar date as the date on which the payment was processed via the BESP system.

In such a way, Platina CB has the opportunity to accelerate processing of its customers’ payments.