RUSSIAN CORPORATE-TO-BANK MARKET PRCTICE GROUP

Corporate-to-Bank Market Practice Group (СMPG)  

 

 Many world’s leading countries have established national groups on analysis and support of bank-to-corporate practices on financial market (Corporate-to-Bank Market Practice Group), that coordinate Common Global Implementation (CGI) international forum. These groups are aimed at working out uniform requirements and recommendations on creation and usage of SWIFT messages on basis of ISO 20022 standard and with regard to national regulatory aspects.

 

Russian Corporate-to-Bank Market Practice Group (СMPG) was established in November 2012. Russian PMPG has preparedRecommendations of use of ISO 20022 standard for transmission of financial messages between bank and corporation according to requirements of the Bank of Russia Payment System” (ISO20022.RU). ISO20022.RU contains main aspects of filling of payment messages and cash management messages in  on Russian financial market by corporations. It is expected that this document will be annually updated in accordance with the updates of ISO 20022 standards, changes in Russian legislation, users’ requests and comments.

 

The activity of CMPG is subject to the Regulation approved by ROSSWIFT Steering Committee. Tatiana A. Yakunina, Senior Vice-President of Gazprombank, is Chairperson of CMPG.  Georgy V. Chirkov, Head of the Department of product development in Cash management practice (UniCredit Bank) - is Deputy Chairperson of CMPG.

 

At the present time CMPG consists of 91 representatives of 19 banks, 18 corporations and regulators. The list includes the Bank of Russia, Sberbank of Russia, VTB Bank, Gazprombank, UniCredit Bank, Citibank, EVRAZHOLDING, ROSNEFT, LUKOIL, INTER RAO UES, SWIFT, etc.  

 

Current version of “Recommendations of use of ISO 20022 standard for transmission of financial messages between bank and corporation according to requirements of the Bank of Russia Payment System” (ISO20022.RU) was approved by ROSSWIFT Steering Committee on 11 December 2013. 

 

Within the framework of its activity CMPG has made significant progress in clarifying the arrangements for using SWIFT digital signature by Russian corporations. Following the request of CMPG, the Bank of Russia provided official interpretation on several relevant regulatory acts.

 

At the present time new types of messages covering currency control are being developed.

CPMG works in close cooperation with various Russian and international institutions dealing with standardization in electronic document flow on financial market, such as Technical committee № 122 “Financial operations standards” (the Bank of Russia), CGI, SWIFT, etc.

 

Members of the Working group cooperate mostly remotely, on CMPG closed forum. SWIFT users can post their comments at open forum “Proposals”.

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





           

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