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Development of New Payment Systems in Russia Similar to a CLS Analogue

Author

Listed:
  • Alexey V. Maslov

    (Association of Banks of Russia, Moscow 119180, Russian Federation)

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.

Suggested Citation

  • Alexey V. Maslov, 2021. "Development of New Payment Systems in Russia Similar to a CLS Analogue," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 27-37, June.
    • Handle: RePEc:fru:finjrn:210302:p:27-37
    DOI: 10.31107/2075-1990-2021-3-27-37
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    References listed on IDEAS

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    1. Raja Kali & Javier Reyes, 2007. "The architecture of globalization: a network approach to international economic integration," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 38(4), pages 595-620, July.
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    More about this item

    Keywords

    CLS; analogue of CLS in Russia; Interstate Bank; the sphere of ruble convertibility;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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