Interbank settlements in the Russian Federation are more often carried out using correspondent accounts. Today, a special program is being actively implemented that allows making urgent payments.
Interbank settlements arise in a situation where the payer and the recipient of funds are served by different financial institutions. We are talking about them in the case of mutual lending of banks. For these purposes, cash settlement centers established by the Bank of Russia are used. Most often, correspondent accounts are used for transactions, less often - clearing institutions.
The interbank settlement system makes it possible to:
- make crediting and debiting of funds on accounts if counterparties are in another institution;
- place temporarily free finances in the form of deposits;
- receive centralized loans;
- use refinancing services;
- conduct the purchase or sale of securities, foreign currency;
- provide interstate loans.
Settlements using a correspondent account
In the Russian Federation, interbank settlements through special accounts have been carried out since 1991. The organization of the process involves the conclusion of a special agreement. Banks, after exchanging control documents, gain access to perform various operations on behalf of each other within the established limit.
The correspondent account performs the same functions as the current account. But when conducting it, all the subtleties of the bank's activities are taken into account. It can store both free money and finances of other banks. Each financial institution can have several accounts. Therefore, the various types of transactions are evenly distributed among the accounts.
Principles of organizing interbank settlements
The correspondent agreement prescribes the conditions and procedures on the basis of which the relationship between the banks will be built. Since financial institutions are the initial and final link, transactions could not be completed if the principle of maintaining liquidity was not relevant. Thanks to him, an uninterrupted settlement of accounts with other structures is ensured.
No less important is the principle of control over the correctness of interbank settlements. Its peculiarity lies in the fact that the synchronicity and identity of the amounts spent are necessarily traced.
The organization of interbank transfers affects another principle of payment within the funds of a correspondent account. In this case, we are talking about the need to maintain the optimal balance of funds on the correspondent account and compliance with the liquidity standards of the organization's balance sheet.
Modern tendencies
In 20017, a system of bank electronic urgent payments was launched. Such a system works in real time, allows large or urgent monetary transactions both in national and foreign currencies. All transactions are irrevocable, and only the full payment amount is settled.
This approach made it possible to provide additional protection, eliminating the need to open additional correspondent accounts. It is assumed that in the near future, interbank transfers will be divided into two major directions. Regular ones will be carried out through decentralized interbank settlements, and urgent ones with the use of special software.
