OREANDA-NEWS. February 09, 2016. Pursuant to the requirements of Federal Law No. 161-FZ, dated 27 June 2011, ‘On the National Payment System’, the Bank of Russia assessed the activity of the socially important Sberbank payment system for the period from 14 January 2014 through 31 March 2015.

The assessment determined the compliance of Sberbank payment system with the international standards ‘Principles for Financial Market Infrastructures’ (the Principles) worked out by the Committee on Payment and Settlement Systems [1] of the Bank for International Settlements and the International Organisation of Securities Commissions. These standards were published in Bank of Russia Letter No. 94-T, dated 29 June 2012, ‘On the Document of the Committee for Payment and Settlement Systems ‘Principles for Financial Market Infrastructures’ and recommended by the Bank of Russia to important payment systems.

Sberbank payment system was assessed for compliance with 13 Principles pursuant to the methodology stipulated by Bank of Russia Order No. OD-3118, dated 6 November 2014, ‘On the Methodology to Assess the Compliance of the Activity of Socially Important Payment System Operators, the Outsourced Payment Infrastructure Operators and the Related Socially Important Payment Systems with Bank of Russia Recommendations.’

The assessment results show high compliance of Sberbank payment system with the Principles. Sberbank payment system is established to be in full compliance with 3 Principles (Principles 9, 13 and 22), in general compliance with 9 Principles (Principles 1, 2, 3, 8, 15, 17, 18, 21 and 23), while Principle 19 is not applicable to Sberbank payment system. The assessment did not reveal partial compliance or incompliance with any Principles.

[1] Renamed the Committee on Payments and Market Infrastructures on 1 September 2014.