National groups on analysis and support of the usage of SWIFT MT messages in market practice - Market Practice Groups (MPG) are established in many worlds’ leading countries. Their activity is coordinated by international SWIFT Working groups on support of MT standards, for example - 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 Market Practice Group (Russian MPG) was established in 1994. Now the sphere of its activity is all categories of SWIFT messages except of 5th Category of messages.
RU-MPG has prepared “SWIFT Standards Usage Guidelines for Financial Messages Exchange in accordance with Russian financial market requirements” (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 Chetverikova, Deputy Head of Business Operations Support, Senior Vice-President of VTB Bank, is Chairperson of RU-MPG.
18 representatives of The Bank of Russia and 7 banks are members of the Working group.
Annually RU-MPG reviews the modifications to the current version of SWIFT-RUR and requests for updates of MT standards.
RU-MPG cooperates with Russian and international institutions (incl. the Bank of Russia, PMWG, PMPG, CBPR+, ISO, SWIFT, etc.), and deals with standardization in electronic document management on financial market.
Between in-person meetings members have remote discussions at RU-MPG closed forum (resource centre). Users can leave their requests and comments at open forum “Proposals”.
For all questions on RU-MPG activity, please, contact Timothy Romaslovsky, Secretary of RU-MPG, ROSSWIFT Consultant.