On 30 September 2020, the assessment of the Bank of Russia Payment System (BRPS) for compliance with the Principles for Financial Market Infrastructures (PFMI) international standard was completed. It confirmed that the BRPS fully complies with the PFMI.
This compliance indicates that the Bank of Russia has established a high-quality legal framework governing BRPS operations, implemented a reliable comprehensive risk management system, ensured a fair and transparent access to settlement services for BRPS participants, and introduced an adequate tariff policy. Moreover, the regulator has established mechanisms to prevent adverse consequences in case a BRPS participant fails to perform its obligations.
The standard was developed by the Committee on Payments and Market Infrastructures of the Bank for International Settlements jointly with the International Organization of Securities Commissions. The regulator conducts an assessment of important payment systems for their compliance with the PFMI every three years.