RUSSIAN MARKET PRACTICE GROUP

Russian Payments Market Practice Group (Russian PMPG)


National groups on analysis and support of the usage of SWIFT MT messages in payment market practice - Payments Market Practice Groups (PMPG) are established in many worlds’ leading countries. Their activity is coordinated by international SWIFT Working group on support of MT payment standards -  The Payments Maintenance Working Group (PMWG). National groups are aimed at working out uniform requirements and recommendations on creation and usage of SWIFT messages on basis of MT standards and with regard to national regulatory aspects.

 

Russian Payments Market Practice Group (Russian PMPG) was established in 1994.

 

Russian PMPG has preparedRecommendations of use of SWIFT standards for transmission of financial messages according to requirements of the Bank of Russia Payment System” (SWIFT-RUR). SWIFT-RUR contains main aspects of filling payment messages and cash management messages in settlements with the use of SWIFT MT standards on Russian financial market.  The document is annually updated in accordance with the updates of MT standard, changes in Russian legislation, users’ requests and comments.

 

 Elena V. Chetverikova, Deputy Head of Business Operations Support, Senior Vice-President of VTB Bank, is Chairperson of Russian PMPG; Olga A. Petrokovich, Chief Officer of the Department of operations management and settlements (HSBC Bank (RR)), is Deputy Chairperson of Russian PMPG. 

 

20 representatives of 12 banks and regulators are members of the Working group. Current version of “Recommendations of use of SWIFT standards for transmission of financial messages according to requirements of the Bank of Russia Payment System” (SWIFT-RUR) was approved by ROSSWIFT Steering Committee on 18 February 2014. 


At the present moment Russian PMPG reviews the modifications to the current version of SWIFT-RUR and requests for updates of MT standards in 2015.

 

Russian PMPG cooperates with both, Russian and international institutions (incl. the Bank of Russia, PMWG, SWIFT, etc.), and deals with standardization in electronic document management on financial market.

 

Russian PMPG sessions are scheduled (as per Russian PMPG Meeting Calendar). Between the sessions members have remote discussions at Russian PMPG closed forum. Users can leave their requests and comments at open forum “Proposals”.

For all questions on Russian PMPG activity, please, contact Timothy Romaslovsky, Secretary of  Russian PMPG, ROSSWIFT Consultant.





           

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