National Settlement Depository (NSD), Russia's central securities depository and operator of the systemically important NSD Payment System, has concluded a cooperation agreement with National Payment Council Non-Commercial Partnership.
The parties agreed to cooperate on improving the national payment system of the Russian Federation.
According to the signed document, NSD and National Payment Council intend to work together on the infrastructural development and on improving the regulatory aspects of the national payment system participants' activities, in particular, on:
• enhancing mechanisms of providing settlement services in Russian and international financial markets;
• improving regulation and standardization of non-cash settlements and money transfers;
• protecting information in the payment systems and combating fraud;
• developing measures for stimulating non-cash payments;
• combating money laundering and terrorism financing;
• developing standards for procedures of control over payments;
• combating illegal use of insider information and market manipulation.