Introduction
Chapter 1 Organizational and economic characteristics of PJSC Sberbank
Chapter 2 Organization of non-cash payments in PJSC Sberbank
Conclusion
List of sources used
Introduction
The purpose of undergraduate practice is the formation of skills for the practical use of theoretical knowledge in practical activities, the collection, systematization and processing of information practical material on the topic of the final qualification work "Organization of cashless payments in a commercial bank."
Object of study - PJSC Sberbank
During the internship, the following
– a description of the activities of PJSC Sberbank was given;
- a diagram of the organizational structure of management was drawn up;
– the functions of the main structures and the interaction between them are considered;
– the forms and types of non-cash payments are considered;
– studied the process of managing cashless payments;
– the organization of cashless payments was analyzed;
– registers of posted documents in the currency of the Russian Federation were compiled;
– familiar with all forms of non-cash payments;
– learned how to process and pay transfers.
When writing the report, methods of systematization, analytical, prognostic, calculation, graphic were used.
The internship was completed at the additional office of PJSC Sberbank No. 85932/04.
The purpose of the internship is to consolidate theoretical knowledge in the field of banking, acquire the professional skills of a specialist and collect information for writing a WRC.
Chapter 1 Organizational and economic characteristics of PJSC Sberbank
PJSC Sberbank is the largest bank in Russia and the CIS with the widest network of divisions, offering the full range of investment banking services. The founder and main shareholder of PJSC Sberbank is the Central Bank of the Russian Federation, which owns 50% of the authorized capital plus one voting share; over 40% of shares are owned by foreign companies. About half of the Russian market of private deposits, as well as every third corporate and retail loan in Russia falls on PJSC Sberbank.
Full corporate name of the bank: Public Joint Stock Company Sberbank.
Abbreviated name of the bank: PJSC Sberbank.
The history of Sberbank of Russia begins with the personal decree of Emperor Nicholas I of 1841 on the establishment of savings banks, the first of which opened in St. Petersburg in 1842. A century and a half later - in 1987 - on the basis of state labor savings banks, a specialized bank for labor savings and lending to the population was created - Sberbank of the USSR, which also worked with legal entities. The structure of the Savings Bank of the USSR included 15 republican banks, including the Russian Republican Bank.
At the moment, despite the far from outstanding quality of service in most branches (with the exception of services for VIP clients), the bank is the leader not only in terms of assets, but also in the number of current accounts of legal entities (over 1 million). In the market of private deposits, PJSC Sberbank is a monopolist - it controls 45% of the market (the bulk of the deposits of "physicists" are the so-called pension deposits in rubles). It should be noted that at the beginning of 2002 the bank's share was 71.4%. The further decline in the market share occupied by Sberbank is largely facilitated by the deposit insurance system and an increase in the amount of insurance compensation. About 11 million people receive salaries through Sberbank, and 12 million receive pensions. The bank has issued more than 30 million plastic cards, the number of installed ATMs exceeds 19 thousand. As of December 31, 2012, the number of employees was over 233 thousand people.
Main directions of banking activity:
- Corporate business: servicing settlement and current accounts, opening deposits, providing all types of financing, issuing guarantees, servicing export-import transactions of clients, collection services, cash services, conversion services, services for transferring funds by the population in favor of legal entities, operations with bills of exchange and other.
- Retail business: provision of banking services to individual clients for accepting funds on deposits, lending, servicing bank cards, transactions with precious metals, savings certificates and bills, buying and selling foreign currency, payments, money transfers, including without opening bank accounts , storage of valuables and others.
- Operations in financial markets: with securities, derivative financial instruments, foreign currency; placement and attraction of funds in the interbank market and capital markets and others.
Within the above areas of activity, Sberbank offers a wide range of banking products and services.
In addition to banking operations, the bank carries out:
- Issuance of guarantees for third parties;
- Acquisition of claims from third parties;
- Trust management of funds;
- Professional activity in the securities market, including brokerage, dealer and depository activities;
- Other operations and services.
The General Meeting of Shareholders is the supreme management body of the bank. At the general meeting of shareholders, decisions are made on the main issues of the bank's activities. The list of issues related to the competence of the general meeting of shareholders is determined by the Federal Law "On Joint Stock Companies" dated December 26, 1995 No. 208-FZ (as amended on December 28, 2013) and the bank's charter.
In accordance with the charter, the general management of the bank's activities is carried out by the supervisory board. The competence of the Supervisory Board includes issues of determining the priority areas of the bank's activities, appointment of members of the board and early termination of their powers, issues of convening and preparing general meetings of shareholders, recommendations on the amount of dividends on shares, periodic hearing of reports from the president, chairman of the board of the bank on the activities of the bank and other issues . Committees of the Supervisory Board are bodies created for preliminary consideration of the most important issues within the competence of the Supervisory Board and preparation of recommendations on them. The committees are formed annually from among the members of the bank's supervisory board. Each committee includes independent directors. The committees facilitate working interaction with the bank's management bodies. The management of the current activities of the bank is carried out by the president, chairman of the board and the board of the bank.
In order to increase the efficiency of work and develop business, the bank has a number of collegial working bodies (committees) reporting to the board of Sberbank, whose main tasks are to resolve issues of implementing a unified, coordinated policy in various areas of the bank's operations. The board is a platform for active discussion of strategic issues of the bank's development and development of optimal solutions that take into account the peculiarities of the regions.
Consider the financial condition of PJSC Sberbank.
Table 1 ¾ Key financial indicators of PJSC Sberbank for 2012-2014,
The increase in assets in 2012 compared to 2013 amounted to 19.8%, and in 2014 compared to 2013, the growth rate increased to 33.6%. The deviation of the bank's capital in 2013 in relation to 2012 was 18.4%, and in 2014 in relation to 2013 the growth rate decreased to 16.2%.
Consider the dynamics and structure of the bank's balance sheet.
Table 2 ¾ Dynamics of assets of PJSC Sberbank for 2012 - 2014, billion rubles
The bank's assets in 2013 increased by 19% compared to the previous period, while in 2014 the growth was 34% compared to 2013. The main factors for the growth of the bank's assets are: an increase in net loan debt, which amounted to 32% in 2014 and 22% in 2013, an increase in investments in securities by 0.1% in 2014 and by 13% in 2013. Also in 2014, there was a significant increase in cash. The increase in the growth rate of total assets is due to the increase in growth in the main items of assets.
Consider an analysis of the asset structure of PJSC Sberbank.
Table 3 ¾ Asset structure of PJSC Sberbank for 2012 - 2014, billion rubles
The largest share in the structure of the bank's assets is occupied by net debt (73%), which remains at the same level in the study period. Net investments in securities account for 10% of the bank's balance sheet assets, which testifies to the high investment activity of the bank.
Table 4 ¾ Analysis of the dynamics of equity of Sberbank for 2012-2014, billion rubles
From the data on the dynamics of own funds, we can conclude that in the period from 2012 to 2013. there is an increase in some indicators, such as: “retained earnings (uncovered losses) of previous years” and “unused profit (loss) for the reporting period”.
As can be seen in the figure, own funds show steady growth.
Table 5 ¾ Analysis of the structure of own funds of PJSC Sberbank for 2012-2014, billion rubles
According to the table, the largest share in the structure of own funds is occupied by reinvested profit, while there is a steady increase in the share of retained earnings of previous years, and the share of unused profit of the reporting period tends to decrease. The share of revaluation amounts of shareholders' fixed assets and share premium also decreases. The fair value revaluation of available-for-sale securities represents a negative amount, which indicates losses from investing activities.
Consider the economic standards of PJSC Sberbank for 2012-2014
As Figure 4 shows, in 2014 the bank's capital adequacy ratio decreased significantly from 12.87% to 11.5%, although it still corresponds to the required value of 10%.
Let us consider the analysis of the dynamics of the attracted funds of PJSC Sberbank.
Table 6 ¾ Analysis of the dynamics of attracted funds of PJSC Sberbank for 2012-2014, billion rubles
The bank's liabilities show positive dynamics over the period under study: in 2013, the growth of liabilities amounted to 20% compared to the previous period, and in 2014, 37.8% compared to 2012. The main growth factors are: the growth of loans and deposits of the Central Bank, which amounted to 43% in 2013, and 78.7% in 2014 compared to 2011. Tends to decrease deposits of individuals (in 2013, deposits amounted to 20% compared to the previous period, and in 2014 - 5.4% compared to 2013)
Table 7 ¾ Analysis of the structure of funds raised by Sberbank for 2012-2014, billion rubles
The largest share in the structure of attracted funds is occupied by funds of clients that are not credit institutions, their share at the end of 2013 amounted to 77.6%. Loans, deposits and other funds of the Central Bank of the Russian Federation also accounted for a significant share in the structure of attracted funds in 2013.
Chapter 2 Organization of non-cash payments in PJSC Sberbank
Non-cash settlements are settlements carried out without the use of cash, by transferring funds to accounts in credit institutions and offsetting mutual claims. Non-cash payments are of great economic importance in accelerating the turnover of funds, reducing the cash required for circulation, and reducing distribution costs. The difference between non-cash payments and cash payments:
1) the payer and the recipient transferring cash participate in cash settlements. There are three participants in non-cash cash settlements: the payer, the recipient and the bank in which such settlements are carried out in the form of an entry on the accounts of the payer and the recipient;
2) participants of non-cash money transactions are in credit relations with the bank. These relationships are manifested in the amounts of balances on the accounts of participants in such settlements. There are no such credit relations in cash circulation;
3) transfers (transfers) of money belonging to one participant in settlements in favor of another are made by making entries in their accounts, as a result of which the credit relations of the bank with participants in such operations change. Thus, the turnover of cash is replaced by a credit operation. Non-cash payments in the economy are organized according to a certain system, which is understood as a set of principles for organizing non-cash payments, requirements for their organization, determined by specific business conditions, as well as forms and methods of payment and related workflow.
The payment form is a set of interrelated elements, which include the method of payment and the corresponding document flow. Document circulation is a system of registration, use and movement of settlement documents and funds, which includes: issuance of an invoice by the consignor and its transfer to other participants in the settlements; the content of the settlement document and its details; the terms for compiling the settlement document and the procedure for presenting it to the bank, as well as to other participants in settlements; movement of a settlement document between banking institutions; the procedure and terms for payment of a settlement document, transfer and receipt of funds; the procedure for using the settlement document for mutual control of the settlement participants and the implementation of measures of economic impact.
Non-cash payments serve mainly the sphere of economic relations of enterprises and their relationship with the financial and credit system. Thus, their essence is that economic bodies make payments to each other for inventory items and services rendered, as well as for financial obligations by transferring amounts due from the payer's account to the recipient's account or offsetting mutual debts.
The value of non-cash payments is great, because:
1) non-cash payments contribute to the concentration of monetary resources in banks. Temporarily free funds of enterprises stored in banks are one of the sources of lending;
2) non-cash payments contribute to the normal circulation of funds in the national economy;
3) a clear distinction between non-cash and cash turnover creates conditions that facilitate the planning of money circulation and non-cash money turnover, as well as determining the amount of issue and withdrawal of cash from circulation.
On the one hand, the development of non-cash payments leads to a reduction in the need for cash and to saving distribution costs. The larger the payment, the stronger these benefits become. However, if the amount of payment is insignificant, then a cash payment is more advantageous. It is rather difficult to establish exactly the line when the advantages of cash payment turn into its disadvantages.
Non-cash transactions are reflected on settlement, current and other accounts opened by banks to their customers after the latter submit relevant documents.
All non-cash payments are made on the basis of settlement documents. Their forms must comply with established standards, and they must contain the following details:
- the name of the settlement document and its form code according to OKUD;
- number of the document, date, month, year of its execution. In this case, the number is indicated in numbers, the month - in words, the year - in numbers;
- name and location of the payer's bank, its bank identification code (BIC), correspondent account or sub-account number;
- the name of the payer, his identification number (TIN), KPP, as well as the number of the bank account;
- the name of the recipient of funds, the number of his bank account;
- the name and location of the beneficiary's bank (not indicated on the check), its bank identification code (BIC), the number of the correspondent account or sub-account. At the same time, it is allowed to abbreviate the name of the payer and the recipient, which does not impede the work of banks and clients;
– purpose of payment (not specified in the check). The tax payable is highlighted in the settlement document as a separate line (otherwise there should be an indication that the tax is not paid);
- the amount of the payment, indicated in numbers and in words;
– order of payment and type of operation.
The principles of organization of calculations are the fundamental principles of their implementation. Compliance with the principles in the aggregate makes it possible to ensure that the calculations meet the requirements: timeliness, reliability, efficiency. The first principle - the legal regime for making settlements and payments - requires that the behavior of the participants in settlement relationships comply with the rules of law and legal responsibility. The basis for this is a set of laws and regulations. The main regulatory body of the payment system is the Central Bank of the Russian Federation (Bank of Russia). Among its main tasks is to ensure the efficient and uninterrupted functioning of the settlement system.
The second principle is the implementation of bank accounts. A necessary prerequisite is that both suppliers and buyers have bank accounts. For settlement services, a bank account agreement is concluded between the bank and the client - an independent bilateral (participants have both rights and obligations) civil law agreement. Clients have the right to open the required number of settlement, deposit and other accounts in any currency in banks with their consent, unless otherwise provided by federal law. Banks and other credit institutions for settlements between themselves open correspondent accounts - with each other (correspondent account agreement is concluded) and without fail - in institutions of the Bank of Russia (an agreement on bank settlement services).
The third principle is to maintain liquidity at a level that ensures uninterrupted payments. Compliance with this principle is the key to a clear unconditional fulfillment of obligations. All payers must plan receipts, write-offs of funds from accounts, prudently seek the missing resources in order to timely fulfill debt obligations.
The fourth principle is the presence of an acceptance (consent) of the payer for payment. This principle is implemented through the use of either an appropriate payment instrument (check, promissory note, payment order), indicating the owner's order to debit funds, or a special acceptance of documents issued by the recipients of funds (payment requests, bills of exchange).
At the same time, the legislation provides for cases of indisputable (without the consent of the payers) write-offs of funds: arrears in taxes and other obligatory payments - on the basis of writ of execution issued by the courts, some fines on orders of collectors, direct write-offs for heat and electricity, utilities, etc. P.
The fifth principle - the urgency of payment - follows from the very essence of a market economy, an essential condition of which is the timely and complete fulfillment of payment obligations. The significance of this principle lies in the fact that continuously spent funds for the production of goods, the provision of services should be reimbursed at the expense of payments from buyers within the time limits stipulated by the concluded contracts.
The sixth principle is the principle of property liability for non-compliance with contractual terms. The essence of this principle lies in the fact that violations of contractual obligations in terms of settlements entail the application of civil liability in the form of compensation for losses, payment of a penalty, as well as other measures of responsibility. (Civil Code of the Russian Federation, Ch. 25, Art. 395)
The seventh principle - the control of all participants over the correctness of settlements, compliance with the established provisions on the procedure for their implementation - is divided into preliminary, current, subsequent, internal and external control. An important role in the observance of this principle is played by the establishment in accordance with Art. 16 of the Federal Law of the Russian Federation of November 21, 1996 No. 129-FZ "On Accounting" publicity of financial statements.
Non-cash payments are carried out on the basis of settlement documents of the established form and in compliance with the relevant document flow. The choice of the form of payment is mainly determined by:
- the nature of economic relations between counterparties;
– a feature of the supplied products;
– the location of the parties to the transaction;
– method of transportation of goods;
- the financial position of legal entities.
Regulation of the Central Bank of 03.10.2002. No. 2-P "On non-cash payments in the Russian Federation" establishes the following forms of non-cash payments: settlements by payment orders, letters of credit, settlements by checks and collection.
A payment order is an order from the account holder (payer) to the bank serving him, drawn up by a settlement document, to transfer a certain amount of money to the beneficiary's account opened with this or another bank.
In settlements for goods and services, payment orders are used:
- for goods received, work performed, services rendered (reference in the order to the number and date of the shipping document confirming the receipt of goods or services by the payer);
- for payments in the order of advance payment for goods and services (reference in the order to the number of the main contract, agreement, contract, which provides for advance payment);
- payments to transport, communal, household enterprises for maintenance, etc.
In settlements for non-commodity transactions, payment orders are used for:
– payments to the budgets of all levels and extra-budgetary funds;
– repayment of bank loans and interest on loans;
– transfer of funds to state and social insurance bodies;
– contributions of funds to the authorized funds when establishing a joint-stock company, LLC, etc.;
– acquisition of shares, bonds, certificates of deposit, bank bills;
– payment of penalties, fines, penalties, etc.
The payment order is issued by the payer on the form of the established form, containing all the necessary details:
- for the payer and recipient of funds - taxpayer identification number (TIN), name and account number with a credit institution (branch) or a subdivision of the settlement network of the Bank of Russia;
- for credit institutions - their names and locations, bank identification code (BIC) and account number for settlement transactions.
Payment orders are accepted by the bank regardless of the availability of funds in the payer's account. In the absence or insufficiency of funds on the account, payment orders are placed in file cabinet No. 2 and paid as funds are received in the order established by law. In accordance with the legislation, partial payment of payment orders from a file cabinet is allowed, while the bank uses a payment order.
The bank is obliged to inform the payer at his request about the execution of the payment order no later than the next working day after the payer's application to the bank, unless another period is provided by the bank account agreement.
Payment orders are used for settlements in the order of budget payments, i.e. by periodically transferring funds from the buyer's account to the supplier's account at a specific time and in a certain amount based on the plan for the release of goods and the provision of services for the coming month (quarter). Calculations by planned payments are a progressive form of transferring payments, since it is based on the oncoming movement of money and goods. This leads to faster settlements, a reduction in mutual receivables and payables, and enables enterprises to better plan their payment turnover.
Settlements by payment orders have a number of advantages compared to other forms of payment: a relatively simple document flow, faster cash flow, the ability of the payer to pre-check the quality of paid goods and services, the ability to use this form of payment for non-commodity payments.
A letter of credit is a conditional monetary obligation of a bank issued by it on behalf of a client in favor of its counterparty under an agreement under which the bank that opened the letter of credit (issuing bank) can make a payment to the supplier or authorize another bank to make such payments, subject to the submission of documents, stipulated in the letter of credit, and subject to the fulfillment of other conditions of the letter of credit. The letter of credit is intended for servicing only one supplier and cannot be redirected. Payment from a letter of credit is carried out only by bank transfer.
Banks can open the following types of letters of credit:
– covered (deposited) and uncovered (guaranteed);
- revocable and irrevocable.
When opening a covered letter of credit, the issuing bank transfers at the expense of the payer's funds or the loan granted to him the amount of the letter of credit at the disposal of the executing bank for the entire period of the letter of credit. When opening an uncovered letter of credit, the issuing bank grants the executing bank the right to write off funds from its correspondent account within the amount of the letter of credit. The procedure for writing off funds from the correspondent account of the issuing bank under a guaranteed letter of credit is determined by agreement between the banks.
A revocable is a letter of credit that can be changed or canceled by the issuing bank without prior notice to the recipient of funds. Such a letter of credit does not serve as a sufficient guarantee for the seller to receive payment, therefore, it almost never occurs in practice. A letter of credit is revocable unless its text expressly states that it is irrevocable. Irrevocable is a letter of credit that cannot be changed or canceled without the consent of the recipient of funds and on which there is a corresponding mark. Such a letter of credit is a firm obligation of the bank to pay the seller for the supply or service when the latter fulfills all the conditions of the letter of credit. The vast majority of letters of credit are irrevocable.
To open a letter of credit, an application of the payer of the established form is submitted to the issuing bank, which indicates:
– number of the agreement under which the letter of credit is opened;
– validity period of the letter of credit;
- the name of the supplier and the name of the bank issuing the letter of credit;
- the name of the documents serving as the basis for payment under the letter of credit;
- the deadline for their submission and the procedure for registration;
– type of letter of credit and its amount;
- a list of goods, works and services for which a letter of credit is opened, and the terms of shipment;
– method of realization of the letter of credit.
When paying under a letter of credit, the beneficiary's bank (executing bank) is obliged to verify that the supplier complies with all the conditions of the letter of credit, as well as the correctness of the registration of the register of accounts, the compliance of the signatures and seal of the supplier on it with the declared samples. Documents confirming payments under the letter of credit must be submitted by the supplier to the bank before the expiration of the letter of credit and confirm the fulfillment of all conditions of the letter of credit. If at least one of these conditions is violated, no payments under the letter of credit are made.
Closing of a letter of credit in the executing bank is carried out (in the amount of the letter of credit or its balance):
- after the expiration of the letter of credit;
– on the basis of an application by the recipient of funds to refuse further use of the letter of credit before its expiration, if the possibility of such refusal is provided for by the terms of the letter of credit;
- by order of the payer on the full or partial withdrawal of the letter of credit, if such withdrawal is possible under the terms of the letter of credit.
The letter of credit form of payment is the most expensive. It requires additional expenses for the buyer, this is due not only to the large commissions that the bank charges, but also to the fact that most of the letters of credit that Russian firms work with are “covered”. This means that for the duration of the contract, significant funds are withdrawn from the buyer's turnover, equal to the amount of payment under the contract.
The convenience of this form of payment for both the supplier company and the buyer company lies in a certain guarantee: timely and complete receipt of payment by the supplier if the delivery complies with the contract; compliance of the ordered products with the stipulated conditions, which is often controlled by an authorized buyer company.
A check is a security containing an instruction from the issuer of the check to the bank to pay the amount specified in it to the holder of the check. Any legal or natural person who has funds in the bank, which he disposes of by issuing checks in favor of the holder of a check, can be a drawer of a check; the payer is the drawer's bank.
To receive settlement checks in a servicing bank, an application is drawn up in the prescribed form, signed by the head of the enterprise, the chief accountant and certified with a seal. The application specifies the number of checks and the amount of the total need for settlements in checks, which allows you to determine the limit of one check, which must be put on the back of each check. Checkbooks are issued for a fixed term and total payment amount.
There are two types of checkbooks: limited and unlimited. The difference between them is that the receipt of a limited book is accompanied by the deposit of the total amount of the payment on a separate personal account of the drawer. This account shall be credited with the amount of funds deposited from the corresponding account.
An unlimited book does not provide for the deposit of funds. In this case, the cover of the check in the bank is the funds on the corresponding account of the drawer, but not more than the amount guaranteed by the bank in agreement with the drawer when issuing the checkbook. The bank may guarantee the issuer of a check, in the event of a temporary lack of funds on his account, the payment of checks at the expense of the bank's funds.
The check must contain the following mandatory details:
- the name "check" included in the text of the document;
- an order to the payer to pay a certain amount of money;
- name of the payer and indication of the account for payment;
– indication of payment currency;
- indication of the date and place of drawing up the check;
- the signature of the person who issued the check - the drawer. The absence of any of the specified details in the document deprives it of legality. A check that does not contain an indication of the place of its drawing up is considered as signed at the location of the drawer.
The rights under a check are transferable, with the exception of a nominal check, which is not transferable.
When paying by checks, it should be remembered that the check must be paid in the full amount for which it was issued, without any commission (in this case, an indication of interest is considered unwritten). A check cannot be withdrawn by the drawer before the expiration of the period established by the internal bank rules for presenting it for payment (presenting a check to the bank by the holder of the check).
If there are no funds on the payer's account or there are not enough of them, payment requests are placed in file cabinet No. 2. At the same time, the executing bank notifies the issuing bank of this by sending it a notice no later than the business day following the day the settlement documents are entered into the file cabinet. The issuing bank, in turn, upon receipt of a notice from the executing bank, brings the notice of filing to the card index to the client.
In Russia, in contrast to international practice, the check form of non-cash payments is less common.
Collection settlements are understood as banking operations in which a credit institution (bank) undertakes, on behalf of and at the expense of the client, to take action to receive the payment amount from the payer. Settlements for collection are made out by a payment request and a collection order.
The payment request contains the requirement of the recipient of funds to the payer to pay a certain amount of money by withdrawing from the payer's current account, is drawn up on a form of the established form and contains, in addition to the details specified in the payment order, such details as: -
terms of payment;
- deadline for acceptance;
- the date of delivery to the payer of the documents stipulated by the contract;
- name of goods (works, services) and date of delivery;
– number and date of the contract;
- numbers of documents confirming the delivery of goods (performance of work, provision of services);
- delivery method and other details - in the "Purpose of payment" field. The specified requirements are put up for collection by the supplier after the shipment of the goods and the issuance of trade documents. The supplier's bank is obliged to send the documents to the payer's bank, collect funds from it and transfer them to the supplier's settlement account. The payer's bank, having received the documents, informs the payer and accepts them for payment only after receiving a preliminary acceptance from him. It is also possible to refuse acceptance.
Payment of settlement documents is made as funds are received to the payer's account in the order established by law. Partial payment of payment requests, collection orders is allowed, which is made by a payment order in the manner similar to the procedure for partial payment of a payment order, with the exception of a note on partial payment.
A collection order is a settlement document on the basis of which funds are debited from the payers' accounts in an indisputable manner. Collection orders apply:
- in cases where an indisputable procedure for collecting funds is established by law, including for the collection of funds by bodies performing control functions;
- in cases stipulated by the parties under the main agreement, provided that the bank servicing the payer is granted the right to debit funds from the payer's account without his order.
The main types of collection operations are simple (clean) collection and documentary (commercial). In the first case, the bank undertakes to receive money from a third party on the basis of a payment request that is not accompanied by commercial documents, and in the second case, the bank must present commercial documents received from its client. Commercial documents include invoices, shipping and insurance documents, title deeds, and any other non-financial documents.
In general, settlements in the form of collection are widely used in international payments. Payments under contracts are made on the terms of a commercial loan, and foreign banks accept various documents for collection, including, in addition to the bills and checks mentioned above, shares, bonds and others.
This form of settlement involves certain risks and must be secured by trusting counterparties. For the supplier, the risk of late payment of invoices can be reduced by obtaining certain guarantees from the buyer. In this case, the contract can use various legal means to secure payment obligations (surety, bank guarantee, pledge, etc.).
Advantages of this form of calculation:
- for the supplier - banks protect his right to the goods until the payment of documents or acceptance. The right to the goods is given to the payer by documents of title, which he takes possession of after their payment (acceptance). The documents remain at the disposal of the bank until the moment of their payment and, in case of non-payment, are returned to the supplier's bank with an indication of the reasons for non-payment.;
- for the payer, this form of payment allows for maximum savings in foreign exchange resources and often payment for goods (if provided for by the contract) can be made with a delay of up to 30 days from the date the bank receives documents for collection.
Increasing the share of non-interest income is one of Sberbank's strategic goals.
At the end of 2014, the share of net non-interest income in Operating income before retail business reserves was 22.5%.
The main factor behind the growth of non-interest income in the retail business is operations with bank cards, acquiring, payments and transfers.
The growth in the issue of bank cards has significantly accelerated the growth in the volume of transactions on card accounts.
Table 8 - The number of bank cards issued by PJSC Sberbank and the volume of card transactions for 2012-2014
In 2014, the growth in the issue of bank cards increased by 9%, and the turnover on card transactions increased by more than a third. The share of non-cash transactions in the total turnover on cards is growing steadily and increased in 2014 from 19.5% to 23.8%.
In terms of the number of issued cards, Sberbank ranks first in Europe.
As can be seen in Figure 10, the volume of card transactions shows a steady growth.
In 2013, Sberbank introduced new premium cards as part of the Premier tariff plan: Visa Platinum PayWave and World MasterCard Black Edition Paypass
Since July 2013, the credit limit for credit cards has been set at the time of issuance. Customers can receive a card and immediately make the first transaction. The card can be issued according to the passport and another document, and received at any office, regardless of the place of order. The card can also be ordered through Sberbank Online @ yn and then come to the branch for it.
In 2014, the issue of bank cards of the Russian payment system "Universal Electronic Card" (PRO100) was launched throughout Russia; By the end of the year, the volume of issue exceeded 50,000 cards. PRO100 cards are issued in the "Personal" and "Salary" categories and are accepted throughout the acquiring network of Sberbank of Russia, as well as the infrastructure of banks participating in the UEC Payment System.
Table 9 - Number of active sales and service outlets and Turnover in the acquiring trade network of PJSC Sberbank for 2012-2014
The number of active sales and service outlets involved in acquiring services in 2014 increased by 130 thousand to 446.1 thousand.
Sberbank's total commission income from merchant acquiring services in 2014 increased to RUB 30.4 billion (+43% compared to 2013). At the same time, Sberbank's share in the acquiring market increased by 3.2 percentage points to 46.4%.
The annual turnover of bank cards on the Internet increased from 17 billion rubles. up to 47 billion rubles, and the total number of customers using the Internet acquiring service of Sberbank amounted to more than 750 organizations.
In 2012, the Bank introduced the offline payment technology on Sapsan high-speed trains, which makes it possible to service bank cards while the train is moving in the absence of a permanent connection, acquiring MasterCard PayPass and Visa payWave contactless cards and paper check for digital signature).
In 2013, the bank continued to develop a network that accepts MasterCard payPass and Visa payWave contactless cards. 433,000 terminals accept them at trade and service points.
Together with the State Unitary Enterprise Moscow Metro, Sberbank implemented a pilot project to accept Visa PayWave and MasterCard PayPass contactless cards as payment for tickets at metro kiosks. 64 ticket vending machines installed at 10 Moscow metro stations; plans include equipping all stations of the metropolitan subway with automatic machines.
In cooperation with the State Institution “Administrator of the Moscow Parking Space” and LLC “ASPARK”, Sberbank has started accepting bank cards in Moscow parking machines. 350 vending machines, acquiring services for which are provided by Sberbank, have been installed within the Garden Ring. They can pay for parking with Visa and MasterCard bank cards with a magnetic stripe and a microprocessor, as well as Visa payWave / MasterCard PayPass contactless cards.
In July 2013, for the first time in Russia, the acceptance of cards was launched at the Big Ice Arena of the Sochi Olympic Park at a self-service vending machine that operates without a cashier. In total, more than 150 such devices are located at the Olympic venues.
The Bank has successfully implemented an innovative technology of mobile acquiring, which makes it possible to pay for goods and services using magnetic stripe or chip cards using a mobile phone.
As the official acquirer of the 2014 Olympics, Sberbank, in cooperation with the Sochi 2014 Organizing Committee and the ticket operator of the Olympic Games, organized payment for tickets for the games with bank cards. The bank also provided acquiring for the exchange of purchased tickets for the Olympic events by fans.
At the end of 2012, Sberbank's share in the pension payment market increased by 5.3 percentage points, exceeding the bar of 50% for the first time, and as of January 1, 2013 it was 51.4%. In 2012, 3.3 million pensioners were attracted to receive pensions through Sberbank (excluding mortality), more than 1 million of them through consultation points in PFR divisions.
In 2012, the Bank increased its share in the payroll market by 5.7 p.p. and exceeded the mark of 37%. More than 28 million individuals regularly receive wages on the Bank's cards.
Sberbank has launched a new technology that has simplified the process of paying wages to customer employees. It is enough for an enterprise to provide the Bank with a register using the Sberbank Business Online @ yn system - a list of employees and amounts payable. After that, in online mode, subject to the availability of funds in the company's current account, wages are instantly credited to employees' cards. The process is fully automated, the Bank's operational employees do not take part in it, and the possibility of operational errors is completely excluded.
The number of working payroll cards in 2013 increased by 1.9 million to 21.1 million. The volume of salary transfers increased by 28% to RUB 6,273 billion.
The number of pensioners receiving a social pension through Sberbank has increased. At the same time, the share of pensioners receiving pensions through Sberbank increased.
Since July 2013, all new Sberbank Visa and MasterCard cards have been equipped with a chip, which significantly increases the level of security of the data stored on the card and is an effective method of combating skimming. Cards with a chip are more secure than cards containing only a magnetic strip: all transactions require a PIN code, information from the chip cannot be copied. In addition, the entire network of Sberbank self-service devices and sales and service outlets is equipped to accept chips, which makes it possible to conduct transactions using a chip, and not a magnetic strip, which remains on the card according to the requirements of payment systems.
Cards without PIN envelopes are issued throughout the network: at the time of receiving the card at the branch, the client can choose a PIN code that is easier for him to remember. Previously, this technology was used for instant issuance cards, now it is used for all cards.
Sberbank has successfully launched a Campus Card pilot project at Mari State University. Students received a multifunctional card, which is the key to managing a bank account and is integrated into the infrastructure of the university: pass, grade book, access to the electronic library.
SMS informing the client about the issue of a card in his name has been introduced, which can significantly reduce the risk of unauthorized issuance of bank cards.
The most significant service of the Bank in terms of the number of transactions remains the acceptance of household payments (money transfers in favor of legal entities). Their volume for 2012 amounted to 2,446 billion rubles, and the total number of accepted payments amounted to more than 1.1 billion. At the same time, there was a steady increase in the number of payments made in non-cash form (the increase in the number of payments from customer accounts exceeded 70%). This dynamics is largely ensured by expanding the range of possible payments in information and payment terminals, the development of mobile and Internet banking, as well as the active growth of the client base of the Autopayment service.
Taking into account the high share of the Bank in the market of payments to the budgetary system of the country, services in this area also affected optimization. Thanks to the launch of a federal service for making payments to the Federal Tax Service based on the document index, the share of non-cash payments to the budget increased from 2.5% to 8% over the year.
Another new service in 2012 was the ability to repay loans issued by other banks through information and payment terminals. During the year, loans from third-party banks were repaid for more than 15 billion rubles.
In 2012, the Bank successfully developed the "Auto payment" service, which allows you to automatically pay for housing and communal services, fixed and cellular telephony services, Internet access services from a bank card account. The number of customers using this service as of January 1, 2013 exceeded 6.7 million people.
In December 2012, Sberbank took an important step towards increasing its presence in the fast-growing Internet payments market: a decision was made to combine the Bank's infrastructure with the Internet technologies of Yandex. Sberbank has signed an agreement to acquire a 75% stake minus 1 ruble in Yandex.Money.
In 2012, the volume of money transfers between individuals increased by half. Card-to-card transfers developed most dynamically due to their convenience: the volume of transfers grew by more than 2.5 times over the year to almost 1 trillion rubles.
In 2013, Blitz translations were rebranded - now it is a Hummingbird product. Hummingbird internal transfers have been improved to work online: transfer across the country takes less than 10 minutes.
Sberbank continues to develop the Autopayment service. For the convenience of customers, the ability to set a daily limit on the amount of Autopayments for cellular communications has been introduced. 21.5% of payments for cellular communications are made using Autopayments. The number of customers using the Autopayment service for cellular communications exceeded 10.8 million people. In general, the Bank's share in the market of payments for cellular communications exceeded 30%.
The Bank expanded the functionality of the "Autopayment for Housing and Public Utilities" service - the number of organizations in whose favor the service can be connected has increased. The number of clients of the Autopayment Housing and Public Utilities service has increased to 2 million people. Automatic payment of loans from third-party banks has been launched. For the first time, the Moscow Bank launched "Autopayment" for free details, which allows you to automate any regular client payment.
In 2014, there was a steady growth in payments from individuals to legal entities across all major types of payments. The average number of payments increased by 27% and amounted to 10 million per day. Sberbank has become the leader in accepting payments for housing and communal services, where the bank occupies 35% of the market, and for cellular communications - 39% of the market. This result was achieved thanks to the active development of non-cash payments through the channels of the Mobile Bank SMS service and Sberbank Online. In total, 19.6 million Sberbank customers signed up for the Autopayment service (+35% for the year). The number of subscribers to the "Autopayment - Cellular Communications" service reached 12.9 million people. 6.7 million people in more than 100 cities of Russia use the Autopayment service for housing and communal services.
In 2014, the volume of transfers increased significantly. The increase was 60%, the total amount of transfers for the year was 4.3 trillion rubles. Growth was provided mainly by card transfers.
The growth in the volume of non-cash payments and transfers was facilitated by the development of services provided by Yandex.Money, a subsidiary of Sberbank. In 2014, as part of the integration program with Yandex.Money, Sberbank continued to improve its payment solutions, expand the range of joint services and reach its client base. Sberbank has become the main channel for replenishing Yandex.Money e-wallets with a replenishment volume of more than 1 billion rubles per month. The areas of distribution of digital goods of Yandex.Money partners in Sberbank Online and the replication of the Pay with Sberbank solution in Yandex.Money products are actively developing.
Conclusion
I did an internship for 23 days at the CCHB PJSC Sberbank 8593/04, Lipetsk, in the department for working with individuals. At the beginning of my practice, I studied the necessary regulatory and legal framework for working in the department for working with individuals:
Rules of the Bank of Russia No. 205-P dated 05.12.2002 "Rules for accounting in credit institutions located on the territory of the Russian Federation";
2. Regulation of the Bank of Russia No. 2-P dated 03.10.2002 “On non-cash payments in the Russian Federation”;
3. Regulation of the Savings Bank of Russia No. 662-r dated 12/14/2000 "On the Operational Department of the Central Office of the Savings Bank of Russia";
4. Rules of the Savings Bank of Russia No. 304-2-r dated 04.11.2000 "Document flow rules and technology for processing accounting information in the Savings Bank of Russia";
5. Regulation of the Savings Bank of Russia No. 355-3-r dated March 27, 2002 “On Conducting Interbranch Settlements in the Savings Bank of Russia”;
6. Rules of the Savings Bank of Russia No. 881-2-r dated March 13, 2003 “Rules of Internal Control for the Purpose of Counteracting the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism”;
7. Order No. 814-3-r dated April 14, 2004 “Procedure for opening, closing and maintaining accounts of legal entities by Sberbank of Russia and its branches”.
It was in practice at Sberbank that I had the opportunity to compare the theoretical foundations and knowledge with practical activities.
I got acquainted with all forms of non-cash payments and worked with the following settlement documents: payment orders, checks, payment requests, collection orders, payment orders and memorial orders.
I learned how to process and pay out the Hummingbird transfer, make cashless payments with individuals. persons, transferring funds from a card to a Sberbank card.
Since, in accordance with the services of the bank, it is possible to provide account statements (at the request of the client), provide a statement of current account transactions, provide a duplicate of the account statement, provide a duplicate of the payment document at the request of the client, as well as perform currency control, clarify details and etc., then, accordingly, Sberbank collects a commission fee, which is issued by a memorial warrant.
To the process of getting acquainted with the document flow of the department, every day I registered payment requests in a special journal for registering payment requests, where I indicated the date of the request, the payer's account number, the name of the recipient and the amount. I also registered collection orders in another special journal, but their recording required the signature of the controller in charge of a particular organization.
The work actually turned out to be very laborious and gave rise to many questions from my side to the manager and helped to understand the intricacies of the workflow.
I find the advantages of my practice in that I got acquainted with a large amount of information on which banking activities are based, got acquainted with the computer work programs of Sberbank and acquired the skills to work with its internal documentation.
Having studied the measures that are proposed to improve the payment system, it was found that the proposed measures will significantly change the payment system of the Russian Federation, improve monetary policy, expand cashless payments, introduce modern technologies and methods of information transfer. Servicing of all settlement participants should become more efficient and reliable. These measures will make it possible to stabilize the payment system, bring it closer to world standards, and ensure the financial stability of monetary policy.
List of sources used
1 Civil Code of the Russian Federation (Part 2): Federal Law of January 26, 1996 No. 14-FZ (as amended on November 30, 2011)
2 On banks and banking activities: Federal Law of December 2, 1990 No. 395-1 (as amended on December 3, 2012).
3 On the Central Bank of the Russian Federation (Bank of Russia): Federal Law of July 10, 2002 No. 86-FZ (as amended on December 3, 2012).
4 On the national payment system: Federal Law of June 27, 2011 No. 161-FZ;
5 On the rules for making money transfers: Bank of Russia Regulation No. 383-P dated June 19, 2012.
6 On the rules for the exchange of electronic documents between the Bank of Russia, credit institutions (branches) and other clients of the Bank of Russia when making settlements through the settlement network of the Bank of Russia: regulation of the Bank of Russia dated March 12, 1998 No. 20-P
7 On the issue of bank cards and on transactions made with the use of payment cards: regulation of the Bank of Russia dated December 24, 2004 No. 226-P
8 On the rules for maintaining accounting records in credit institutions located on the territory of the Russian Federation: Regulations of the Bank of Russia dated July 16, 2012 No. 385-TT.
9 Trachuk A. V. Prospects for the development of non-cash retail payments / A. V. Trachuk / / Finance and credit. - 2012. - No. 7. – S. 24-32
10 Cash and electronic means of payment: problems, trends // Finance and credit. - 2012. - No. 7. – pp. 3-23
11 National payment system of Russia: problems and development prospects / NA. Savinskaya [and friend]; ed. Dr. Econ. sciences, prof. ON THE. Savinskaya, doctor of windows, sciences, prof. G.N. Beloglazova. - St. Petersburg. : Publishing House of St. Petersburg State University of Economics, 2011. - 131 p.
12 Kokorev N. Cashless payments // Financial newspaper. Regional issue.-2010.-No. 25.- P. 32.
13 Devyatlovsky V. N. Principles of organization of cashless payments / V. N. De-Vyatlovsky / / International Journal of Applied and Fundamental Research. 2012. - No. 12. – pp. 107-109
14 Devyataeva N.V. Problems of improving the system of cashless payments in Russia / N.V. Devyataeva / / Money and credit. - 2011. - No. 9. - pp. 3-11
15 Berezina M.P. Cashless payments in Russia: features of the organization and directions of improvement // Finance and Credit, - 2011. - No. 5. - S. 24.
16 Bulatov M.A. Improving non-cash payments // Accounting and banks. 2011. -№4.-S. 28.
17 www.sbrf.ru Official website of Sberbank of Russia 18 www.cbr.ru Official website of the Bank of Russia
19 Sberbank of Russia Annual Report 2012
20 Sberbank of Russia Annual Report 2013
21 Sberbank of Russia Annual Report for 2014
Report on practice in PJSC Sberbank updated: July 31, 2017 by: Scientific Articles.Ru
Educational work to order
Type of work: Coursework Subject: Economicsoriginal work
Organization of interbank settlements on the example of OJSC "Sberbank of Russia" (refertar, term paper, diploma, control)
Introduction
1. Theoretical and methodological aspects of interbank settlements
1.1 Content and principles of organization of interbank settlements
1.2 Characteristics of the types of interbank settlements
2. Analysis and evaluation of the effectiveness of the system of interbank settlements in the Russian Federation on the example of OJSC "Sberbank of Russia"
2.1 Brief economic and organizational characteristics of Sberbank of Russia OJSC
2.2 Analysis of interbank settlements of OJSC Sberbank of Russia
2.3 Foreign practice of organizing interbank settlements
3. Problems and prospects for the development of interbank settlements
Conclusion
Bibliography
interbank settlement legal non-cash
Introduction
Throughout human history and in modern conditions, in particular, money has been an integral attribute of a person's economic life. All transactions related to the production of goods and the provision of services are completed by cash settlements. Moreover, payments can take both cash and non-cash form.
The relevance of this topic is determined by the fact that in our age, in the age of high technology and universal computerization, the population of the Earth increasingly prefers non-cash payments, as a faster and more convenient method of calculation than the use of cash.
Also, the widespread use of non-cash payments is facilitated by an extensive network of banks, as well as the state's interest in their development, both for the above reason and for the purpose of studying and regulating macroeconomic processes.
And therefore, the study of such a concept as cashless payments is a relevant topic due to its global significance both for the banking system of the Russian Federation, but also for global significance as a whole.
The subject of the study is economic monetary relations, the carriers of which are non-cash payments, the mechanism of their organization, implementation and improvement in market conditions.
The object of study of this course work is the modern system of cashless payments, identifying its features and problems.
The purpose of the work is to consider the organization of interbank settlements and their further improvement on the example of Sberbank of Russia OJSC.
In connection with the purpose of writing the course work, the following tasks were set:
- to give a definition and essence of interbank settlements;
— describe the basic principles of organizing interbank settlements;
— consider the regulatory framework for the organization of interbank settlements;
— give a brief economic and organizational description of the bank OJSC Sberbank of Russia;
— evaluate the efficiency of economic activity in OJSC Sberbank of Russia;
— consider foreign practice of organizing interbank settlements;
The main research methods were:
— static analysis;
— method of structural and functional analysis;
— method of analysis of literary sources;
— method of analysis and synthesis.
When writing this course work, the information base was:
– scientific, monographic research;
- periodicals;
- statistical tables;
- regulations.
1. Theoretical and methodological aspects of interbank settlements
1.1 Content and principles of organization of interbank settlements
The implementation of non-cash payments in the economy between suppliers and consumers of products determines mutual settlements between banks. Interbank settlements occur when the payer and the recipient of funds are serviced by different banks, as well as when banks mutually lend. Interbank settlements are a set of settlements between credit institutions and between their branches. Both levels of interbank settlements have both common features and certain differences. These types of relationships between credit institutions differ in the form of organization and economic content.
Organizational differences lie in the fact that in settlements between credit institutions, the relations of economically separate entities are realized, and interbranch settlements are carried out within the boundaries of one bank. The most significant is the difference in these types of calculations in terms of their economic content. The internal content of settlements between credit institutions and inter-branch settlements is characterized by the payment boundary, the method of the relationship between the participants and the technique of making settlements. The payment limit is understood as the maximum amount of funds that can be transferred. With inter-branch operations, such a number is actually not limited. Payments between credit institutions can only be made within the funds available to the latter.
Legally independent participants in settlements - credit institutions - independently determine the sources and ways of placing funds. Consequently, interbank relations can only arise on a contractual basis. Interbranch relations, including settlement ones, are based on uniform rules established by the head bank for all its divisions. Differences in the technique of constructing settlement transactions between banks stem from the way they interact. Branches of one bank are quite severely limited in the choice of payment methods.
The implementation of interbank settlements involves the transfer of funds between separate banking institutions. The execution of the transfer operation takes place within the framework of the established rules, binding on all parties involved in this operation. Thus, the organization of interbank settlements is based on specific relations that arise between banks - correspondent relations.
When conducting interbank settlements, three main methods are used.
The first method consists of debiting and crediting funds from accounts opened by banks at the central bank. The second method involves making interbank payments on NOSTRO and LORO accounts, which are opened by banks from each other on a bilateral basis. The third method is that settlements between banks are carried out through accounts opened either with a correspondent bank, which is a third party, or with a specialized settlement or clearing organization. The use of these methods of making interbank payments is due to the structure of the payment system, which is typical for all countries with a two-tier banking system. The main participants in the payment system include the central bank, commercial banks and non-banking institutions.
In Russia, interbank settlements through correspondent accounts have been carried out since 1991. From the whole variety of subsystems of interbank settlements, the following subsystems used by each commercial bank in Russia can be represented in an enlarged form.
1. Gross (gross) settlements:
* through RCC;
* in case of direct correspondent relations with banks;
2. Netting (clearing) - settlements within Russia through:
* RCP as an experiment;
* settlement centers of large banks for a certain amount of payments;
* clearing centers for a certain amount of payments;
* parent bank with other branches of the bank (interbranch settlements).
Despite the fact that the order of calculations in each of the subsystems has significant differences and features, they are based on the same principles. The main requirements for settlements are their sufficient promptness and predictability of payments, high reliability, security, economic efficiency and a wide variety in accordance with the needs of users. Interbank settlements are carried out according to the principles that are characteristic of the system of cashless payments as a whole, however, their manifestation in settlements between banks has certain specifics.
Since banks are the initial and final link in the chain of settlements between various economic entities, they could not be completed if there were no system of settlements between the banks themselves. In this regard, the principle of maintaining by banks their liquidity at a level that ensures uninterrupted and full settlements with other banks is of great importance for the organization of interbank settlements. The bank must at any time be able to satisfy the requirements of its customers to withdraw money from accounts and make payments on their behalf. It seeks to combine profit-making that requires freezing assets for a relatively long period of time with the guarantee of reliability and liquidity. The lack of funds on the bank's correspondent account and the imbalance of its liquidity, even for a short time, can cause serious negative consequences, a vivid example of which is the deep economic crisis that broke out in the 90s of the twentieth century, characterized by the insolvency of most Russian enterprises. Therefore, the bank needs to manage its liquidity, which dictates the need for timely receipt of funds to correspondent accounts and their rational use.
Compliance with the considered principle of interbank settlements is the key to preventing payment risks (illiquidity and credit risks), which are most dangerous for the economy if they develop into systemic risks.
Of great importance is the principle of control over the correctness of interbank settlements. Its specificity and special role lies in the constant mutual control over the synchronism and complete identity of the amounts spent, firstly, on customer accounts in banks and on correspondent accounts of banks in the RCC (or in correspondent banks), and secondly, on accounts and balances actually the participants in the settlements themselves - correspondent commercial banks in their settlements among themselves, as well as in settlements between RCCs. With the development of interbank settlements, especially the widespread use of interbank clearing, the importance of the principle of control over technological risks, which also reflects the specifics of these settlements, increases:
The general principle of organizing interbank settlements is the principle of unconditional payment for interbank obligations. By providing payment services to their customers, commercial banks act as financial intermediaries. By agreeing to carry out payment transactions of their customers, banks assume obligations for interbank payments and settlements. These obligations in most cases are associated with the consent of the payer to debit funds from his account within a certain period of time. However, the write-off of debts on tax payments, claims considered in an arbitration court can be carried out from a correspondent account without acceptance.
The payment of obligations has two aspects that are especially important in the implementation of interbank settlements: the finality of the payment and the need to confirm its execution. The finality of the payment serves as a guarantee of the completion of the settlement transaction. With such a guarantee, there is no possibility that the transaction will not be completed.
The most important principle of interbank settlements is the payment within the funds of the correspondent account. This principle consists in maintaining the optimal balance of funds on the correspondent account of the credit institution and observing the liquidity requirements of the bank's balance sheet. The concept of "management of the bank's cash position" is closely related to the principle of payment within the balance of funds on the correspondent account. Cash management refers to the operations carried out by the bank for the purpose of regulating assets intended for payments and controlling these assets. The relevance of observing the principle of payment within the balance of the correspondent account is explained by the fact that the bank’s risky policy in the field of active operations can lead to a systemic risk that, through the channels of interbank relations, will cause a chain reaction, spreading to other banks and hitting other areas of the regional economy and the country as a whole.
Thus, the existing principles of interbank settlements help credit institutions to carry out settlement operations in a timely manner and in full, transfer payments through correspondent account systems.
To understand the organization of interbank settlements, it is important to know and understand the economic content of the bank's correspondent account. The correspondent account, in essence, performs the same functions as the settlement account of the enterprise, but taking into account the specifics of the bank's activities. The account (mainly with the RCC) stores temporarily free own and borrowed funds of commercial banks. The range of operations reflected here is quite wide. Firstly, these are operations for credit and settlement, cash and other services to the clientele of the bank itself: transfer and collection of funds due to the purchase and sale of goods and services, settlements with the budget for the payment of taxes, fees and duties, extra-budgetary funds, insurance companies for all types of insurance. Part of the transactions is due to the receipt and issuance of cash by customers for the payment of wages and bonuses to employees and for administrative and business expenses. Secondly, these are operations on interbank loans and deposits, with securities, on the purchase and sale of currencies, and the transfer of reserve requirements. Thirdly, these are the actual business operations of the bank, for example, payments to the budget and extra-budgetary funds, administrative expenses, etc. It should be borne in mind that each bank may have more than one correspondent account, but several. In this regard, all the above types of operations are distributed among all bank accounts. The nature and number of accounts depend on the subsystems of interbank settlements in which a commercial bank is involved. The organization of correspondent relations in banks is carried out by the relevant departments, departments or sectors as part of the operational and settlement centers. Of great importance is the bank's management of its correspondent accounts, which are essentially the basis of its economic activity.
In the Russian Federation, settlements between banks are carried out through cash settlement centers established by the Central Bank of the Russian Federation in the republics, territories, regions, cities and districts. In addition, banking operations for settlements can also be carried out on correspondent accounts of banks opened by them with each other on the basis of interbank agreements. The cash settlement center acts as an intermediary in the transfer of funds when using the first method of interbank settlements. The second method of making settlements between credit institutions is based on the opening of mutual correspondent accounts or the establishment of direct correspondent relations.
The process of establishing correspondent relations is divided into three stages: the choice of a correspondent bank, the preparation of documents necessary for opening a correspondent account, and, most importantly, the development and signing of a correspondent agreement. The choice of a correspondent begins with an analysis of customer payment flows and identification of regions or cities where these payments are for the most part directed. An important point is the assessment of the volume of receipts to the bank's correspondent account in the RCC of payments from the regions of interest.
Accounting for counter flows of payments is necessary to promptly maintain the balance of a newly opened correspondent account and to create favorable conditions for offsetting interbank obligations. The second stage of establishing correspondent relations is the exchange of banking documents and information on the financial position of the parties. At this stage, a preliminary assessment of the degree of risk of placing funds on an account with a correspondent bank is made on the basis of the partner's balance sheet data. The standard procedure includes checking the compliance of balance sheet liquidity indicators as of the last reporting date with the regulatory requirements established by the Bank of Russia. The final stage in the establishment of correspondent relations is the signing of a correspondent agreement and the opening of correspondent accounts on the balance sheets of credit institutions.
* the procedure for opening and closing accounts;
* list of required documents;
* Operations carried out on correspondent accounts;
* correspondent account mode;
*electronic information exchange technology.
The procedure for performing transactions, as well as the rights and obligations of the parties, regulate the rules and schedule for debiting and crediting funds to accounts, establish document flow, the possibility of providing an overdraft loan, the procedure for reconciling account balances, and the need to maintain bank secrecy. Separately, the amount and procedure for paying for the bank's services for conducting transactions on the correspondent's account, as well as the conditions for calculating interest on the credit balance of the account, are stipulated. Finally, the liability of the parties is reflected in the agreement in the form of fines and penalties for late execution of the instructions of the correspondent and his clients to credit or pay funds from the correspondent's account.
1.2 Characteristics of the types of interbank settlements
Settlement transactions for the transfer of funds through credit institutions (branches) can be carried out:
1) using correspondent accounts (sub-accounts) opened with the Bank of Russia, i.e. through the settlement network (cash settlement centers) of the Bank of Russia.
To carry out settlement operations, each credit institution located in the territory of the Russian Federation and licensed by the Bank of Russia to carry out banking operations opens one correspondent account at its location in a subdivision of the settlement network of the Bank of Russia.
A credit institution is also entitled to open one correspondent subaccount in the name of each branch at its location in a subdivision of the settlement network of the Bank of Russia, with the exception of branches serviced in the same subdivision of the settlement network of the Bank of Russia with the parent credit institution or another branch of the credit institution. In this case, settlement transactions are carried out through the correspondent account of the parent credit institution or the correspondent sub-account of another branch of the credit institution opened with the Bank of Russia, see clause 1.2 of Part II of Bank of Russia Regulation No. 2-P dated October 3, 2002 “On non-cash settlements in Russian Federation".
2) using the accounts of settlement participants opened with non-bank credit institutions carrying out settlement transactions (for example, clearing organizations).
Clearing is a system of economic relations in which the monetary claims (accounts receivable) of the participants are repaid by their own monetary obligations (accounts payable) without the use of real money or with their minimum use. Consequently, clearing can be considered as one of the forms of non-cash settlements of legal entities and individuals for goods (services), securities, based on the offset of their mutual claims and obligations.
The concentration of payments in clearing can significantly reduce the balance of payments and the total amount of circulating means of payment, expand the scope of non-cash circulation and facilitate settlements. Through clearing, settlements are simplified, cheaper and accelerated, the available cash is preserved, which, ultimately, contributes to an increase in the level of stability and liquidity of settlement participants.
Clearing in the banking sector can be carried out both within the country and between countries (international currency clearing). The organization of interbank clearing in each country depends on the historical features of the development of the banking system, the model of its construction, the degree of concentration and centralization of banking, and the policy of the central bank in the field of monetary regulation of the economy.
Clearing operations are classified according to two criteria:
- according to the frequency of their conduct;
- according to the composition of the participants.
According to the frequency of mutual offsets, clearing can be one-time or permanent. One-time clearing is carried out sporadically as accounts receivable and payable accumulate. Permanent - carried out periodically, regardless of the state of financial obligations and monetary claims of the participants.
According to the composition of participants, clearing is carried out either between two legal (individual) entities, or between their groups, united according to industry or territorial characteristics.
The organization of clearing varies depending on whether the banks participating in the netting are separate legal entities or they are part of the same bank. In the first case, banks usually exchange checks, bills of exchange and other debt obligations of clients, paying only the difference in organizations specially created for settlements. In case of intra-bank clearing, all settlements related to the need to transfer money by a client of one branch to a client of another branch of one bank on the basis of various settlement documents are carried out by assigning these amounts to the address of the head office, the clearing department of which offsets the branches of its own system.
Depending on the scope of application, interbank clearing can be:
- local, which means mutual offsets between banks of the same region, or between banks of a certain group, or between branches of one bank;
- nationwide, which involves offsetting the mutual claims of bank customers within the same country.
In turn, the specificity of these types of interbank clearing is manifested in the methods of their implementation. Clearing can be distinguished:
— through institutions of the Central Bank of the Russian Federation and major commercial banks;
- through special interbank organizations - settlement (clearing) chambers;
— through the clearing department (settlement center) of the parent bank.
Clearing is possible if there are economic or other ties between its participants, if these ties are in the nature of mutual monetary relations. These links must be either reciprocal or sequential. With mutual economic relations, the movement of value from one participant to another is opposed by the counter movement of value from the second participant to the first. In this type of economic relations, mutual monetary obligations and monetary claims of one participant in relation to another are, respectively, monetary claims and monetary obligations of the second in relation to the first.
In practice, mutual economic ties are less common than sequential ones, in which there is a one-way movement of value through a number of economically isolated participants in social production. As a result of such a movement of value, there is also a limited direction of monetary settlements. Clearing is possible if a consistent chain of cash settlements is formed on the basis of economic relations. An important point is that each of the clearing participants must be a link in this chain, and these links must be interconnected, on the one hand, by monetary obligations, and on the other hand, by monetary claims.
The most effective is multilateral clearing, when its participants have monetary obligations and claims in relations with many other participants. Let's assume that a lot of transactions were carried out between the clearing participants, the documents for which were presented to the clearing center for offset and reflected in non-monetary personal accounts. In foreign practice, such accounts are called "transit account-position" and represent the ratio of the amount of debts presented for offset to the amount of mutually repaid.
Thus, when organizing clearing, money does not participate as a medium of circulation, but is present as a measure of value, which manifests itself in the prices of goods, works and services, fixed by servicing the sphere of circulation, which, in turn, reduces the overall need of the enterprise for its own working capital and ensures economy of credit resources of banks.
The Central Bank of the Russian Federation, together with a group of commercial banks, conducted a study of the possibilities of interbank clearing in the new economic conditions. As a result, a temporary regulation on a clearing institution was developed.
The regulation provided that a clearing institution is created on the basis of any form of ownership and operates on a commercial basis. The activity of a clearing institution is determined by its charter and is carried out on the basis of a license issued by the Central Bank of the Russian Federation. The founders of a clearing institution may be commercial banks, the Central Bank of the Russian Federation and other legal entities and individuals, with the exception of authorities, political organizations and specialized public funds. The organization of clearing settlements can also be carried out by special (non-banking) structures - clearing institutions (clearing centers, clearing clearing houses). The purpose of creating such institutions is to conduct clearing settlements not only between local banks. The scope of their activities also includes inter-regional settlements.
3) using interbranch settlement accounts opened within one credit institution, i.e. through the intra-bank settlement system.
This method is used to make settlements between persons whose accounts are opened in different branches of the same credit institution or in the parent credit institution and its branch.
Interbranch settlement accounts mean balance accounts opened with credit institutions and their branches to record mutual settlements. Accounts of interbranch settlements are not bank accounts in the sense used in civil and tax legislation.
The general system of interbank settlements includes settlements between branches of one bank, the so-called interbranch settlements. These calculations are connected mainly with correspondent relations between commercial banks. Mutual settlements between branches of a commercial bank are divided into two types. The first is related to the movement of resources, and the second covers all other operations, including settlements, carried out on behalf of clients.
Settlements between the RCCs on the operations of commercial banks, as well as on their own operations, are carried out through the system of interbranch turnovers. On the balance sheet of the CBR, two accounts are opened for interbank settlements: “Initial inter-branch turnover” and “Reciprocal inter-branch turnover”. The settlement center that started the settlement operation (initial wire) is conditionally called branch A, and the one that accepted the documents for the return wire is called branch B.
Bank operations are carried out on the basis of special documents - an advice note (an official notice of the settlement operation). They can be debit or credit (depending on the content of the transaction).
The correctness of the RCC calculations is confirmed by the coincidence of the initial and response revolutions in the matching process, i.e., comparing each response wire with the initial one. Control over the correctness of settlements between economic bodies is carried out by commercial banks and their institutions. Where necessary, RCCs and RCIs of the Bank of Russia are involved.
The activities of the RCC are closely related and directly depend on the quality of the work of the Computing Centers (CCs). At present, commercial banks have the opportunity to use both a centralized information processing system and various versions of local networks or a combination of both of these systems to automate their activities.
The centralized information processing system (through the CC) has one drawback: a relatively low speed of settlement transactions. The problems of carrying out calculations are also related to the level of technical equipment of the RCC. In addition, the very methodology of these calculations is formed using a large number of paper information carriers, which leads to errors and delays in the mail circulation between RCCs. The slowdown in payments has a very negative impact on the financial condition of the enterprise, the formation of the revenue side of the budget, and leads to a complication of the relationship between commercial banks and their clients.
Keeping a file cabinet of unpaid settlement documents for an interbranch settlement account is not allowed, see Clause 2.5, Part III of Bank of Russia Regulation No. 2-P dated October 3, 2002 “On non-cash settlements in the Russian Federation”.
In addition, credit institutions (branches) are allowed to carry out transit settlement transactions. In this case, payments are made by one credit institution (branch) on behalf of another credit institution (branch) to a third credit institution (branch), where the beneficiary's account is opened.
The payment route (method of interbank settlements) is chosen by the payer when drawing up settlement documents, based on the possibilities available to the credit institution servicing it.
2. Analysis and evaluation of the effectiveness of the system of interbank settlements in the Russian Federation on the example of OJSC "Sberbank of Russia"
2.1 Brief economic and organizational characteristics of Sberbank of Russia OJSC
Sberbank of Russia is the largest bank in the Russian Federation and the CIS. At the moment, the authorized capital of Sberbank is 67.761 billion rubles. Its assets make up a quarter of the country's banking system, and its share in banking capital is at the level of 30%. According to The Banker magazine (July 1, 2009), Sberbank ranked 38th in terms of core capital (Tier 1 capital) among the largest banks in the world.
Founded in 1841, Sberbank of Russia today is a modern universal bank that meets the needs of various customer groups in a wide range of banking services. Sberbank occupies the largest share in the deposit market and is the main creditor of the Russian economy. As of June 1, 2009, the share of Sberbank of Russia in the market of private deposits was 50.5%, and its loan portfolio corresponded to more than 30% of all loans issued in the country.
Sberbank of Russia has a unique branch network, which currently includes 18 regional banks and more than 19,050 branches throughout the country. Subsidiary banks of Sberbank of Russia operate in Kazakhstan, Ukraine and Belarus. Sberbank aims to take a 5% share in the banking services market of these countries. In accordance with the new strategy, Sberbank of Russia plans to expand its international presence by entering the markets of China and India. In general, it is planned to increase the share of net profit received outside of Russia to 5% by 2014.
Considering the international vector as the most important component of its development strategy, Sberbank of Russia carries out treasury operations in the international market and trade finance operations, maintains correspondent relations with more than 220 leading banks in the world and participates in the activities of a number of reputable international organizations representing the interests of the global banking community. An active position and international prestige allow Sberbank of Russia to fully meet the foreign economic needs of its clients, attract resources on favorable terms from global financial markets and comply with the best practices adopted in the international banking community.
The shares of Sberbank of Russia have been listed on the Russian stock exchanges MICEX and RTS since 1996. In March 2007, the Bank placed an additional issue of ordinary shares, as a result of which the authorized capital increased by 12% and 230.2 billion rubles were raised. The average daily volume of trading in Sberbank shares is 40% of the trading volume on the MICEX. The founder and main shareholder of the Bank is the Central Bank of the Russian Federation (Bank of Russia). As of May 8, 2009, he owns 60.25% of the voting shares and 57.58% of the Bank's authorized capital. The remaining shareholders of Sberbank of Russia are more than 273 thousand legal entities and individuals. The high share of foreign investors in the capital structure of Sberbank of Russia (more than 24%) testifies to its investment attractiveness.
In October 2008, Sberbank adopted a new development strategy for the period up to 2014, within which the Bank aims to further develop its competitive advantages and create new growth areas. Improving the risk management system, optimizing costs and implementing initiatives aimed at improving the efficiency of operations will allow Sberbank of Russia to prove its stability in the current conditions of instability in global financial markets, maintain leadership in the Russian financial system and become one of the world's best credit institutions.
2.2 Analysis of interbank settlements of OJSC Sberbank of Russia
The Russian interbank lending market is very narrow. The most active 30 banks account for about 60% of the interbank lending market. The low activity in the interbank market and the growth of the market share of the top 30 banks indicate a low level of confidence in the interbank market as a whole.
Thus, assessing the level of activity of banks in the short-term interbank market, we assess the level of activity of banks in the market of short-term interbank lending and the effectiveness of short-term liquidity management in the banking sector.
Most indicators of activity in the interbank market (in particular, the Rus-Rating Activity Index, the average volume of interbank credit, the total volume of loans in the market) indicate that about 50% of market activity falls on 20-30 banks, 40% on 200 banks, only 90% falling on the first and second echelons. At the same time, different banks enter the top echelon every month.
The remaining banks of the first circle have either very low rates (less than 0.5%) or negative, which indicates that they often place more funds than they attract.
The interbank loan market in Russia is traditionally considered a heterogeneous and unstable market segment. This is a very personalized, choosy and self-contradictory market. Banks, especially those operating in the same region or in the same sectors of the financial market, are natural competitors for each other, always ready to help “drown their neighbor”. But, on the other hand, they are all objectively interested in obtaining interbank loans and deposits. As a result, in practice, banks closely monitor each other, and as for loans, they are not issued to everyone and always in limited volumes.
The main participants in the interbank credit market, in addition to users, are also operators (organizers) of this market: dealer banks and operating systems. Non-main participants in the Russian interbank market include: banks whose operations in this area are of an irregular nature; domestic and foreign information and information-analytical (including rating) agencies and services serving this market.
The activity of interbank market participants in 2013 increased noticeably. According to the consolidated balance sheet data of operating credit institutions, the total volume of interbank loans issued at the end of the year amounted to 668 billion rubles, which is 57% higher than the same indicator at the beginning of the period. Growth in transaction volumes was observed in all market segments. At the same time, the highest growth rates were characteristic of the segment of operations on placement of foreign currency loans and deposits in non-resident banks (their volumes increased by 83% compared to the beginning of the year).
By the end of 2013, the volume of overdue debt on interbank loans significantly decreased, amounting to 0.2 billion rubles. against 3.3 billion rubles. for the beginning of the year. As a result, the share of overdue debt in the total amount of interbank loans placed decreased over the period under review from 0.78% to 0.03%. The largest volume of overdue debt fell on the ruble segment of the market, where its share amounted to 0.06% of the placed interbank loans. The share of overdue debt in the total volume of placed foreign currency interbank loans amounted to 0.01%.
In 2013, the interbank market was still focused on ultra-short-term transactions. According to the consolidated balance sheet of credit institutions as of January 1, 2013, loans for up to 30 days accounted for 67% of claims on placed interbank loans.
As before, most of the operations in the interbank market were concentrated in the Moscow region.
The share of Moscow banks in the total volume of claims on placed interbank loans in rubles and in foreign currency was 87%, in the volume of attracted interbank loans - 92%.
Figure 1. Structure of placed ruble interbank loans by terms in 2013, billion rubles
Figure 2. The share of overdue debt in the total volume of placed interbank loans in 2013 According to the consolidated statements on the interest rate policy of operating credit institutions in Russia, the average monthly rate for placement of ruble interbank loans for up to 1 month in 2013 ranged from 1.3 to 5.6 % per annum. (In the previous year, this indicator was in the range from 1.4 to 9.9% per annum.) The average monthly rate on overnight ruble interbank loans in the period under review was 1.1–5.7% per annum 10.3% per annum), for a period of 2-7 days - 1.2-5.0% per annum (1.4-8.6% per annum). The average monthly rate on interbank loans for a period of 1 to 3 months in 2013 ranged from 4.6 to 7.4% per annum (versus 4.9–10.4% in the previous period).
Despite the increase in the level of ruble liquidity of credit institutions, the intra-month cyclicity of interbank lending rates persisted for most of the year, although it was less pronounced than in 2012. In the last days of most months of 2013, there was a moderate increase in rates associated with an increase in demand for ruble funds for making obligatory payments by banks and their customers.
The volatility of interbank lending rates slightly decreased in 2013. The average absolute change in the rate on overnight ruble loans in the Moscow market, according to the daily reporting of banks in the form No. 409 325, for this period amounted to 2/7 of its average annual value against 1/3 in 2012.
Rates on interbank credits in US dollars during most of the year, as before, were determined primarily by the situation on the world money market. On the Russian interbank credit market, as well as on the world market, the upward trend in interbank lending rates in US dollars continued. According to the data on the interest rate policy of commercial banks, the average monthly rate on overnight loans in US dollars during the year ranged from 2.1 to 4.0% per annum (in 2012 — 1.0–2.1% per annum). The same indicator for interbank loans for a period of 2–7 days increased from 1.0–2.2% per annum in 2012 to 2.1–4.0% per annum in 2013. Similar dynamics was observed in the segment of loans for longer periods. The average monthly rate on loans for a period of 1-3 months in the period under review was 3.9-6.5% per annum against 3.2-4.8% per annum in 2012.
Figure 3. Rates on placed ruble interbank loans in 2013 In addition, the functioning of the Russian interbank market over the past years has been characterized by two specific features:
First, the Russian interbank market has been and remains segmented. A significant part of IBC operations is carried out within the framework of the so-called "credit clubs", that is, between banks related to each other by common business interests. This practice reduces credit risks in the interbank loan market, but at the same time slows down its development. In the event of problems, such market segmentation becomes a catalyst that accelerates the development of negative phenomena. Secondly, Russian banks are net borrowers in the world market (21, website).
In recent years, the volume of external liabilities of domestic banks significantly exceeded the volume of their external assets. On the one hand, this gives them new sources of capital, on the other hand, it creates dependence on such sources of financing and thereby increases the vulnerability of the Russian banking sector to the impact of global economic shocks. In 2010, we all witnessed the implementation of this scenario.
Sberbank of Russia, as the largest bank in Russia, working for 70 million depositors and 240 thousand shareholders, is fully aware of its role in the economy and understands the need to maintain a balance between the interests of shareholders and customers, on the one hand, and the interests of the country as a whole, on the other hand .
Sberbank of Russia, despite difficult conditions and a significantly increased load on the Bank, its employees and infrastructure, continues its activities in full, providing all types of services to regular and new customers, individuals and legal entities, large, small and medium-sized businesses operating in all sectors of the economy.
Lending to legal entities.
Under these conditions, Sberbank of Russia will adhere to the following priorities in lending to legal entities:
Industries that guarantee the satisfaction of the daily and most necessary vital needs of the population (retail chains, pharmacies, etc.);
industries that perform life-supporting functions (electricity and water supply, transport, etc.);
· military-industrial complex;
· small business;
· Agriculture;
· support for existing customers of Sberbank of Russia and fulfillment by the Bank of its legal obligations for lending under concluded agreements, support for the Bank's borrowers, the continuity of which is critical for other borrowers of Sberbank of Russia;
· lending to working capital and current business needs of clients.
Table 1 - Due to other banks, billion rubles
Sberbank of Russia offers credit institutions the following interbank lending programs:
Loans without collateral for up to 90 days;
· loans secured by bills of exchange and certificates of the Bank for up to 7 days;
· Loans secured by securities and precious metal ingots for a period of 1 to 6 months.
The maximum loan percentage is determined within the risk limit set for the counterparty bank. The interest rate on a loan depends on the bank's rating, the loan term and the type of collateral for the loan, the current situation in the money and interbank markets.
The Bank is active in the market of interbank loans and deposits. Among its partners are not only Russian, but also foreign banks and enterprises. The fulfillment by the bank of its obligations is secured by all its assets, including real estate. All divisions of the bank are located in their own office premises, equipped in accordance with the requirements of the Bank of Russia and modern standards of international banking services.
The following correspondent accounts have been opened with Sberbank of Russia (main correspondent banks).
Table 2 - Correspondent accounts
Name | Account number (Russian rubles) | Account No. (USD) | Account number (EUR) | ||
"NOMOS-BANK" (CJSC), st. Upper Radishchevskaya, 3, building 1. | 30 109 810 400 000 708 608 | 30 109 840 700 000 706 560 | 30 109 978 300 000 706 560 | ||
CJSC JSCIB Zerich 119 034, Moscow, st. Ostozhenka, 10/2/7, building 2 | 30 109 810 200 000 000 000 | 30 109 840 400 000 000 000 | |||
JSC "Alfa-Bank" 119 421, Moscow, st. Novatorov, house 7, cor. one | 30 109 810 700 000 002 048 | ||||
CJSC Vneshtorgbank Retail services 127 006, Moscow, st. Dolgorukovskaya, 5 | 30 109 810 100 003 004 416 | 30 109 840 400 003 006 464 | 30 109 978 000 003 006 464 | ||
JSCB "RosEvroBank" OJSC 107 078, Moscow, Myasnitsky pr-d, 2/1, building 1 | 30 109 810 000 000 004 096 | 30 109 840 300 000 006 144 | 30 109 978 900 000 006 144 | ||
JSCB Svyaz-Bank, 125 375, Moscow, Tverskaya, 7. | 30 109 810 700 000 002 048 | 30 109 840 000 000 004 096 | 3 010 997 860 000 000 512 | ||
Payments on a correspondent account opened with OJSC Alfa-Bank, Moscow.
The Bank signed an agreement with OJSC Alfa-Bank for the maintenance of clearing settlements between branches of OJSC Alfa-Bank, in accordance with which this correspondent account was opened.
The main function of the correspondent account opened with OJSC Alfa-Bank is to make payments to its branch network, due to the fact that branches of OJSC Alfa-Bank do not have correspondent accounts with the RCC. All interbank payments of branches are carried out on correspondent accounts opened with the parent OJSC Alfa-Bank.
The transfer and receipt of funds is carried out from the correspondent account No. 30 109 810 700 000 002 048. The peculiarity of this settlement scheme is that payments on the correspondent account are made "to the day".
Payment documents, account statements are sent (accepted) to (from) Alfa-Bank OJSC in electronic form in a single session. Paper attachments to the bank - payee are not delivered.
From 9.00 to 13.30, payment documents for the correspondent account are received and generated.
Until 14.00 transfer of payment documents to Alfa-Bank OJSC is carried out.
At 16.30 the Bank receives a statement of the documents received by it.
At the end of the day, the account balance is displayed.
Payments on a correspondent account opened with JSCB Svyaz-Bank, Moscow.
The main functions of account 30 109 810 700 000 002 048 “NOSTRO correspondent account” opened with JSCB Svyaz-Bank are:
· making transit payments to correspondent banks of JSCB Svyaz-Bank;
· carrying out operations with securities;
· Operations for the conversion of funds into foreign currencies and vice versa.
On account 30 109 840 000 000 004 096 money is stored in foreign currency and the main operations are performed:
· making bank transfers in foreign currency;
· conversion operations;
disbursement of funds in cash.
Payments on a correspondent account opened with JSCB RosEvroBank, Moscow.
The main functions of an account with RosEvroBank are similar to a correspondent account opened with JSCB Svyaz-Bank, Moscow.
The main difference is in the tariffs for transactions in rubles, foreign currencies and transactions with securities.
The existing technologies and infrastructure of the interbank loan market are currently at a rather low level and do not allow for the formation of a single developed money market, which is an important goal of the Bank of Russia and an urgent need for participants. At present, the volume of the interbank loan market is small, but there is a trend towards an increase in the volume of the financial market in Russia in general and the interbank loan market in particular.
Thus, interbank credit plays a specific role in the economy: it not only ensures the continuity of production, but also accelerates it. Credit helps to save distribution costs. This is achieved by reducing the cost of manufacturing, recording and storing banknotes, because part of the cash turns out to be unnecessary, accelerating the circulation of funds, reusing free cash, and reducing reserve funds.
2.3 Foreign practice of organizing interbank settlements
Using the achievements of scientific and technological progress, the largest banks began to create various automated systems for obtaining operational information about transactions on accounts and managing them within the framework of correspondent relations. Such systems are used, for example, by counterparties and clients of First Bank of London (MYSIS), Bankers Trust Co. (Cash Connector), Morgan Guarantee Trust Co. (M.A.R.S.) "Bank of America" (BAMTRAC), "Chemical Bank" (Chemlink) and a number of other banks in various countries. A number of European and Russian banks have also begun to create and implement such automated systems.
The Reuters system, which provides up-to-date information on the state of affairs on international stock exchanges and on exchange rates, has received wide recognition in banking circles. Also, at present, one of the leading roles is claimed by the World Wide Web (WWW - World Wide Web) Internet, which also provides the widest range of opportunities for exchanging information and obtaining the necessary data.
Some banks, including medium-sized ones, began to specialize in the transfer of funds between their clientele and correspondent banks. An example is the French bank "l Europeenne de Banque", which, as a member of the SWIFT organization, took over the transfer services for the international operations of a number of French and Italian banks and firms.
The widespread introduction of computer systems in banking practice is also dictated by the fact that competition among banks that maintain correspondent accounts is largely based on how prompt and complete the information provided is, which in modern conditions has become a commodity in the banking services market and is used to achieve optimal results. account terms.
The problem of account balances is closely related to the issue of the cost of banking services provided to correspondents. Typically, these balances (a minimum interest-free balance may be agreed upon) are placed on the market by the bank that maintains the account to cover operating expenses and generate a profit. In conditions of low interest rates, there is a certain mutually beneficial relationship: one bank receives funds that it could use for its own benefit, the other receives the services of its correspondent, the cost of which was acceptable to banks and which could be reduced by increasing the volume of transactions on the account. However, during the period of a sharp increase in interest rates in the mid-1980s, maintaining interest-free balances became unprofitable for banks and an outflow of funds from correspondent accounts began.
As a result, banks began to revise the basis for building the profitability of their operations on correspondent accounts, supplementing it with commissions. Despite the subsequent decrease in rates in the market, the trend towards transferring operations on correspondent accounts to a commission basis continues.
Commissions have the advantage that they are paid immediately, are stable and are not subject to changes due to fluctuations in rates and exchange rates. Some banks conduct 80-90% of operations on correspondent accounts on the basis of commissions. Banks in the Netherlands, Sweden, Belgium, Great Britain and Russia are also increasingly using the commission basis. However, it should be noted that a number of banks in Germany and Switzerland still mainly use the system of minimum balances, and only 30% of them began to use commissions.
Of great importance in modern conditions is, on the one hand, increasing the efficiency of using your own branch network of branches, representative offices, agencies and subsidiaries (for example, the English Midland Bank has a network of more than 200 such institutions) and, on the other hand, optimizing the correspondent network . Subdivisions responsible for correspondent relations must constantly monitor the expediency of maintaining relations with one or another correspondent and avoid non-payments and overdrafts, if the latter are not provided for by correspondent agreements, the presence of a sufficient number of accounts in various currencies (this avoids the costs associated with the conversion of currencies and exchange rate differences, provided that there is no commission for maintaining an account and a sufficient volume of transactions), the optimal distribution of funds between accounts in different banks of one country.
Mutual settlements between banks, for example, in France and Great Britain, are carried out by the central bank of the country or, as in Russia, by its settlement and cash centers on the spot. In a number of countries there are several automated settlement systems that are organized by large banks with their branches. A striking example is Germany, where the settlement systems of Commerzbank, Deutschebank, Berlinerbank, Dresdenbank, etc. operate simultaneously. Each settlement system takes into account the interests of a given financial institution, its functional goals. Any bank, any credit partnership, etc. can join any such system. Each organization, if it does not create its own clearing system, chooses the one suitable for itself. There may be several such systems in a country. For example, in the USA there are more than thirty of them. All regional clearing systems are united by two nationwide ones: federal (Fedwire) - for domestic payments and international (CHIPS).
Fedwire is a network of the Federal Reserve Banking System (Fedwire is owned and operated by the US Federal Reserve System of Banks. This system is used to transfer funds between 6,000 banks, united in 12 reserve districts with 12 Central Regional Banks. Central Regional Banks and some other large banks - Federal Reserve members have their own servers Smaller banks have Fedwire terminals A third group of banks, the so-called “independent” Fedwire members, operate off-line and carry out interbank transactions via dial-up telephone lines with Central Regional Banks or transmit information directly through another Federal Reserve Bank;
CHIPS (Clearing House Interbank Payment System) is an interbank payment network. The telecommunications system CHIPS was created in the 1970s in the United States to replace the paper system of payments by checks with an electronic system of payments between New York banks and foreign clients. All banks are divided into parent banks, settlement banks and banks participating in the CHIPS system. In total, 140 banks are connected to the system, while it works with approximately 10,000 accounts. CHIPS system The system operates in off-line mode. The accumulation and subsequent sending of messages is provided, while maintaining the integrity of the data in the central database. Currently, the Fedwire and CHIPS systems serve up to 90% of US interbank domestic settlements.
In France, interbank settlements are based on the telecommunications clearing system S.I.T. S.I.T. system project was developed in 1982-1983 by the largest banks in France. Interaction of banking systems in the S.I.T. takes place on the basis of dedicated channels of the public Transpac network. A distinctive feature of this network is that the fee for providing the channel does not depend on the distance between subscriber banks. S.I.T. system interacts with payment systems VIZA and MasterCard.
The UK uses HAPS (Clearing Houses Automated Payment System) and BACS (Bankers Automated Clearing Services). Telecommunication system B.A.C.S. established in 1968 and, as of 1988, had 16 shareholder banks. The system was later upgraded to the BACSTEL system. The system provides two types of services for subscribers: “scheduled service” (transmission of messages in off-line mode) and “on-demand service” for the transmission of short messages via public telecommunications networks.
The London Automatic Clearinghouse Payment System (CHAPS) is a one-day credit transfer system linking 12 settlement banks, including the Bank of England. Banks receiving funds transfer instructions through this system are required to provide funds to the lending party during the day. This is intended to improve the effectiveness of CHAPS for business and finance. The transfer of funds through CHAPS is unconditional and irrevocable.
In small countries of Western Europe (Austria, Switzerland, Hungary, etc.) there are so-called GIRO-systems. They are created by commercial banks, usually in the form of an open joint stock company, by combining technical means, technologies, organizational measures and, most importantly, financial resources. The systems provide GIRO settlements between participants and accumulate funds for these settlements. The central bank of a country is usually one of the constituent clearing systems.
In the banking system of Belgium, a clearing system of non-cash settlements is widely used, based on the offset of mutual claims of participants by exchanging payment instruments for the transfer of funds or securities. There are 18 clearing houses in the country. Offsets are made at the Belgian Computing Center in Brussels. The electronic payment system is used for credit and payment transactions, as well as monitoring the state of bank accounts by transmitting electronic signals without the participation of paper information carriers. Information processing is carried out around the clock. International payments also pass through the Center. The most common international payment instruments are bank transfers and checks.
The SIC interbank settlement system has been operating in Switzerland since 1987 and is owned by the Swiss National Bank.
It makes final and irrevocable payments in Swiss francs around the clock. This system of gross settlement without central bank credit is the only one in the country that makes electronic payments between domestic banks. The system involves computer processing of each order in real time and control over the balances on clients' deposit accounts.
One of the main achievements of SWIFT is the creation and use of special standards for banking documentation, called by the international organization for standardization. The unification of banking documents made it possible to avoid the difficulties and errors that were caused by differences in the traditions of their execution in different countries, and language difficulties. A significant advantage of these standards is that their creators are also their users, and, therefore, have the ability to quickly improve them. The advantages of SWIFT standards turned out to be so obvious for banking institutions that other similar ones (London CHAPS, French SAGITTAIRE, New York CHIPS) also adopted them, or created a system for automatically converting SWIFT standards into their own. Thus, interbank relations in various foreign countries have significant differences. Each country pursues a monetary policy corresponding to its laws and objectives, but the general principles for conducting certain interbank operations are the same. In connection with the increasing importance of international interbank loans and settlements, special standards of banking documentation are being created and used.
3. Problems and prospects for the development of interbank settlements The main shortcomings of interbank settlements were failures and delays in payments in the RCC. One of their reasons is the routine paper technology of inter-farm settlements. In the acceptance form of settlements, as well as settlements by payment orders, which together accounted for more than 90% of the payment turnover, settlement documents are used in 5 or more copies for each payment, which leads to a large flow of paper-based financial and monetary information. In addition to the high labor intensity of such settlement operations, there is a greater likelihood of making various kinds of errors during their implementation. Typical of them: incomplete acquisition of documents to be sent along with bank advices; their loss and dismantling during shipment, sorting and processing in banks of the RCC; shipment to the wrong address. All these difficulties and shortcomings were especially aggravated in the initial period of the introduction of interbank settlements and the debugging of the work of the RCP. There were numerous inconsistencies, failures in payments and delays in the receipt of funds to correspondent accounts of banks and settlement accounts of their clients. The transfer of tax and other obligatory payments to the budget and off-budget funds also slowed down. Commercial banks and their clients often did not know the real state of their accounts at the beginning of the trading day, which made it difficult to forecast and plan their activities. It became more difficult for banks to place deposits and loans with each other due to the long stay of money in transit and the payment of additional loan interest.
Delays in cash settlement centers arise for the following reasons: the transfer of documents by banks to the RCC after the expiration of the established transaction day; the need to clarify with banks the ownership of money transfers; unsatisfactory quality of documents execution by banks (unclear imprint of the official seal, details of banks and their clients, as well as ciphers of settlement transactions not affixed); issuance of the RCC advice note with obsolete seals.
However, inaccuracies and errors, failures, although on a smaller scale, unfortunately continue to occur. For example:
1. There are cases of non-crediting or crediting not in full to the correspondent accounts of banks of payments in favor of their clients.
2. Facts of crediting to the correspondent accounts of banks of amounts of money that do not belong to them, or amounts that do not correspond to the amounts indicated in the documents are allowed.
3. The practice of untimely posting by cash registers to correspondent accounts of banks of documents that they deliver to the cash registers on a daily basis continues, which is a serious violation of settlement discipline.
4. In a number of settlement centers there is a practice of crediting funds to correspondent accounts of banks without clients' settlement documents. Apparently, this happens because when sorting bank mail, it is not checked whether settlement documents of customers are attached to all received advice notes. The amounts credited without documents of clients to the correspondent accounts of banks cannot be posted to the accounts of the clientele, since it is impossible to determine the ownership of funds by the details available in the correspondent account. Therefore, when developing extracts from correspondent accounts, banks are forced to take into account the amounts credited to their correspondent accounts without attachments on account No. 904, "Other debtors and creditors" as unexplained receipts. Such amounts often reach hundreds of millions of rubles and, according to some estimates, amount to up to 10% of the balance sheet of commercial banks. As a result, the interests of both the clientele and the banks themselves suffer. Due to non-crediting of funds to clients' accounts, the latter often fail to fulfill their obligations on payments to partners in business transactions, on payments to the budget and off-budget funds, on bank loans, etc. customer funds are estimated in millions.
5. When searching for payment amounts, in many cases it becomes necessary to request duplicate advice notes, including telegraphic ones. But often duplicate advice notes are lost in the RCC channels. For this reason, branch banks "A" are forced to send duplicate telegraph, and in some cases postal advice, directly to commercial banks - their correspondents (branches "B"). The RCC does not accept such telegrams and postal advice from banks to the wire, which causes a delay in the transfer of funds and infringes on the interests of clients.
The reasons for such an unfavorable state of affairs in the field of interbank settlements largely lie in the congestion of the RCC, due to the undeveloped technology of electronic exchange. Slowdown in interbank settlements is often due to failures in the work of communication agencies.
In a number of regions, the actual run time of postal advice notes exceeds the normative ones. RCCs do not always and in full impose fines on mail. In this regard, some bankers-practitioners proposed to increase the payment to the bodies of the Ministry of Communications for the introduction of a special regime for the passage of banking documents. And yet, most of all, the poor quality of interbank settlements was caused by the weak level of their technical support.
The main reason for the poor quality of interbank settlements is the lag in the level of technical equipment of settlement participants. The transition of banks to settlements through correspondent accounts was not prepared in advance in organizational and technical terms. Thus, in many RCCs there was practically no automation of settlement operations, there were no premises, telephones, personnel. Even in large cities, RCCs and commercial banks are not connected by a single computer network. The volume of daily document flow in interbank settlements is very significant. For example, in Moscow, in 1994, it was about 1,000 telegraph and 3-4 thousand consolidated advice notes.
With the transition to settlements through correspondent accounts, the flow of settlement documents of clients immediately increased by 8-10 times (from 7 to 50-70 thousand documents per day). The system for processing and transmitting banking information based on the ES computer does not allow data transmission over networks on switched communication channels, has low reliability and requires high operating costs; requires the intervention of bank specialists at all levels of data processing and transmission. Due to the poor technical equipment of the RCC, a large amount of operations is performed manually.
Meanwhile, a qualified operational worker can process only about 500 documents per day. One day of delay in their processing "costs" from 10 to 300 billion rubles. For each month, while the payment order is in progress, the bank loses 10% of its profit. In Moscow, until recently, the Main Directorate of the Bank of Russia had at its disposal those installed in 1984-1985. Computers of the EU type, which could not cope with the processing of a sharply increased amount of information. It is also important to note this circumstance. The unsatisfactory technical support of interbank settlements largely hinders the implementation of complex automation of banking activities, and hence the introduction of new services (for example, credit cards) to the clientele, which are fundamentally impossible with traditional technology. A characteristic feature of the work of banks is their great dependence on each other. From here, the innovations of banks practically lose their significance, which contribute to the acceleration of the implementation of individual operations in the absence of a single, well-established, based on modern technical means, mechanism of interbank communications, as well as relevant legal norms.
Necessary measures are being taken to strengthen the material and technical base of the Bank of Russia divisions. The Main Directorate of the Bank of Russia replaced the old obsolete computers with modern banking equipment. The Bank of Russia is conducting experiments in some regions related to the introduction of an electronic payment system for accounts. 872 A system has been introduced for direct entry of information on commercial bank payments via computer connections via modems, which speeds up settlements by about 30%. The violations discussed above in interbank settlements are mainly caused by the poor performance of the RCC. But in some cases they also occur through the fault of commercial banks.
Conclusion
The interbank loan market is a phenomenon natural, objectively arising from the very essence of a market economy. Its presence in one form or another is typical for all countries with developed market relations.
During the decade of economic reform in Russia, the main goal of which was the transition from an administrative-command management system to market relations, a widely branched banking system was created, which became the economic basis for the emergence and development of the interbank credit market.
The objective condition for the existence of the interbank loan market is that, other things being equal, banks as financial partners have advantages over entrepreneurs and individuals:
- the bank, by the nature of its activity, is, on the one hand, a place of accumulation of customer funds, and on the other, it lends to them. Consequently, it has both a larger amount of temporarily free funds and a greater need to attract additional resources. This means a constant supply and demand for money;
- the bank is more solvent, operating not only with its own, but also with client money;
- bank - the structure is more open for study, since the presence of a daily balance allows you to request the most timely information about the state of affairs and analyze the financial condition in dynamics;
- the bank, as a structure focused specifically on the money market, has qualified specialists and is deeply integrated into this market, which allows it to engage not only in the placement and attraction of funds, but also in speculative operations, including without the movement of money.
The interbank lending market has covered all regions of modern Russia, however, the main banking center of the interbank lending market is Moscow, which accounts for more than 80% of the total interbank lending in the country.
The interbank lending market is very wide and varied, so the market needs to be classified.
From this we can conclude that the main volume of interbank loans goes precisely to maintain the current liquidity of commercial banks.
Loans for a period of 2-7 days, together with one-day loans, account for 99% of the total volume of interbank loans. It is they who carry out the operational inflow of money from one segment of the financial market to another.
This shows that the interbank market is not only a regulator of banks' liquidity, but also a stabilizer of other segments of the financial market: the market for government and corporate securities, the foreign exchange market, the deposit market, etc. But not only the interbank market affects other segments of the financial market, but vice versa, the state of other segments of the financial market has a significant impact on the interbank loan market, its volumes, interest rates, stability, etc.
Bibliography
1. Abramova M. A. Finance, money circulation and credit: a textbook for universities / M. A. Abramova, L. S. Aleksandrova [Text] - M .: 2011 - 537 p.
2. Balash V. A. Organization of monetary regulation: Proc. allowance / V. A. Balash, E. K. Guryleva, S. E. Prokofiev. [Text] - Saratov: Publishing house. Sarat center. state economy Academy, 2012 - 258 p.
3. Banking / Textbook, Shkryabin S. M. - [Text] M., 2013
4. Berezina M. P., Interbank settlements: analysis of practice / M. P. Berezina, Yu. S. Krupnov. [Text] - M.: Money and Credit, 2012 - 60 p.
5. Bukato, V.I., Banks and banking operations in Russia: textbook / V.I. Bukato, Yu.I. Lvov. [Text] - M.: Finance and statistics, 2011 - 203 p.
6. Vakulenko T. G., Fomina L. F., “Analysis of accounting (financial) statements for making management decisions” [Text] - St. Petersburg: “Gerda Publishing House”. — 2013.
7. Gusakov S., Risk management / B. Gusakov // Banking technologies. - 2012 - No. 6. - [Text] P. 122.
8. Banking: Textbook for universities / ed. O. I. Lavrushina. - [Text] M .: Finance and statistics, 2011. - 521 p.
9. Dolan E.J., Campbell K.D., Campbell R.J. Money, banking and monetary policy. [Text] - M-L: DvaTri, 2012.
10. Dolinskaya V. Credit organizations in the securities market // Securities market. - 2011 [Text] - S. 49−52.
11. Zhukov E. F. Banks and banking operations: Textbook for universities / E. F. Zhukov, L. M. Maksimova, O. M. Markova. - M .: Banks and stock exchanges, [Text] 2012 400 p.
12. Zakharova A., "Finance" No. 27 (164) July 17-23, 2011.
13. Kabyshev. O, Prokhorov S. Evaluation of banking risk and determination of the optimal strategy for the distribution of free banking resources // Economy and Law. [Text] - 2013. - No. 6. - P. 63−75.
14. Interbank credit [Electronic resource]. — Access mode: http://www.creditorus.ru/corporate-credit/interbank.php
15. Interbank credit market [Electronic resource]. — Access mode: http://dic.academic.ru/dic.nsf/fin_enc/24 965
Interbank settlements is a system of non-cash payments between credit institutions.
Functions of interbank settlements:
- attraction and placement of funds in the form of deposits and loans;
- rediscounting bills of exchange with each other and with the Central Bank of the Russian Federation;
- purchase and sale of securities;
- provision of centralized loans;
- settlement and cash services for clients on behalf of each other on the basis of correspondent relations.
Payments can be made via:
- settlement network of the Bank of Russia;
- credit organizations on correspondent accounts "Loro" and "Nostro";
- non-bank credit institutions carrying out settlement transactions (clearing houses);
- intra-bank settlement system (accounts of interbranch settlements).
To make settlements, agreements are concluded between credit institutions and correspondent accounts are opened (Fig. 6.6).
Rice. 6.6.
Correspondent is a bank account of a credit institution, which reflects the settlements made by one credit institution on behalf of another on the basis of a concluded agreement.
A correspondent account can be opened:
- in the subdivision of the settlement network of the Bank of Russia (No. 30102 (A));
- in another lending institution.
Main elements of the payment system of the Bank of Russia
The payment system of the Bank of Russia operates settlement systems that differ in the composition of their participants, territorial coverage, operation time, the procedure for transferring funds and the technology used, and include:
- - a system of banking electronic urgent payments (BESP), designed to transfer funds in real time throughout the country;
- – systems of intra-regional electronic settlements (VER), more than 70 systems operating in a continuous mode and transferring funds in the territory under the jurisdiction of one territorial office of the Bank of Russia;
- – a system of intra-regional electronic settlements of the Moscow region, functioning both in the flight mode and in the continuous mode;
- – a system of interregional electronic settlements (MED), which allows the transfer of funds between the regions of Russia;
- - Settlement systems using advice notes (telegraphic and postal), based on the use of paper technology, allowing the transfer of funds both within the territory under the jurisdiction of one territorial institution of the Bank of Russia, and between regions (Fig. 6.7).
Rice. 6.7.
International interbank settlements are also carried out on correspondent accounts through the so-called cross-border payment systems. The most famous of them and systemically significant are the European real-time gross settlement system - TARGET (Trans-European Automated Real-time Gross settlement Express Transfer) and the SWIFT system - a single international transfer network based on standard message formats in the interbank settlement chain, in accordance with which the majority of transactions (transfers) are formed.
Settlement network of the Bank of Russia is a system of settlement institutions of the federal, interregional and intraregional level, including territorial institutions, RCC, MCI and RCI.
In accordance with Law No. 161-FZ: "Settlement center - an organization established in accordance with the legislation of the Russian Federation, which ensures, within the framework of the payment system, the execution of orders of participants in the payment system by debiting and crediting funds to bank accounts of participants in the payment system, as well as sending confirmations relating to the execution of instructions of participants in the payment system".
RCC (settlement and cash center) is a structural subdivision of the Bank of Russia, operating as part of its territorial office (GU of the Central Bank of the Russian Federation).
The number of cash registers in the Russian banking system is rapidly declining. Recently, the process of their unification into single telecommunication regional networks has been going on.
The purpose of the RCC activity is to ensure reliable, efficient and secure functioning of the Russian payment system. The name of the RCC includes the name of the settlement and the territorial office of the Bank of Russia, in which the RCC operates. The RCC has an identification code.
To serve the largest banks, which affect the stability of the entire payment system of the country, and to control their settlement operations, a special center has been created at the Central Bank of the Russian Federation - the Operations Department.
The main functions of the RCC:
- making settlements between credit institutions (branches);
- providing cash services to credit institutions (branches);
- storage of cash and other valuables, transactions with them and ensuring their safety;
- ensuring accounting and control of settlement transactions and reconciliation of mutual settlements through correspondent accounts (sub-accounts) opened for credit institutions (branches);
- ensuring accounting and control of cash transactions through correspondent accounts (sub-accounts) opened for credit institutions (branches), and cash turnover of credit institutions;
- setting the minimum allowable cash balances in the operating cash desks of credit institutions (branches), other legal entities and exercising operational control over compliance with the current procedure;
- drawing up, on the basis of data from credit institutions, a calendar of issuance of money for wages and submitting it to the territorial office of the Bank of Russia;
- regulation of required reserves deposited with the Bank of Russia, control over the timeliness and completeness of the transfer of funds to required reserves, verification of the reliability of calculations of required reserves;
- participation in the implementation of the functional tasks of the territorial branch of the Bank of Russia: to provide banks with loans from the Bank of Russia; on his orders, participation in inspections of credit institutions (branches); application of sanctions in the form of a fine, etc.
The RCC performs operations on opening, reissuing and closing accounts of credit institutions, debiting (crediting) funds from accounts (to accounts), monitors compliance with the rules for conducting settlement operations, etc.
Settlements between RCCs. Advice - official notice (notification) by one bank to another about the performance of settlement operations on correspondent accounts or customer accounts. For credit memos, money is transferred to the account of the payee, for debit memos, money is debited and confirmations are sent (Fig. 6.8).
To identify the payer and the recipient of funds, the BIC (bank identification code) is indicated on settlement documents, which includes nine digits, for example, in BIC 04 45 83 468 "04" - the code of Russia; "45" - the code of the territory of Russia; "83" is the number of the institution of the Bank of Russia; "468" - KO (bank).
The settlement network of the Bank of Russia is a modern automated settlement system. The mechanism of its operation is determined by the regulation of the Bank of Russia No. 303-P "On the real-time gross settlement system of the Bank of Russia" and instruction No. 1822-U "On the procedure for making payments and making settlements in the real-time gross settlement system of the Bank of Russia".
Rice. 6.8.
Real time mode (RRW) – This is the procedure for monitoring and executing payment documents, which ensures the conduct of settlement transactions:
- continuously throughout the day;
- immediately upon receipt of payment documents;
- transfer of funds individually and sequentially for each settlement document;
- by using electronic documents, the development of which is carried out in the SWIFT mode - standardized formats of electronic messages.
Rice. 6.9.
In the current settlement system in Russia, types of electronic payments (Fig. 6.9) and electronic payment systems (Fig. 6.10) are distinguished. sometimes defined as specialized, classified according to different criteria:
- by the scale of payments - large (small);
- according to the form of ownership - public and private;
- for payment instruments - paper, electronic, mixed;
- by payment methods – gross, netting, hybrid;
- by the degree of importance of systems - systemically significant, significant, insignificant;
- by participants (subjects) of settlements and territorial affiliation (as in Russia).
The Bank of Russia at the end of 2007 introduced BESP- a system of banking electronic urgent payments, which operates along with systems of intraregional and interregional settlements. BESP services mainly large-value settlements based on the principle of combining real-time settlements with netting. This implies a refusal to work with paper carriers of primary information and a transition to working with electronic documents (Fig. 6.11).
Rice. 6.11.
Participants in settlements: ESD - special participants in settlements;
DSP - direct participants in settlements;
AUR - associated settlement participants
The main trend in the development of interbank settlements is the gradual transition to a system of gross settlements in real time. In developed countries, the system began to be introduced in the late 1990s. It is used, as a rule, for settlements on large transactions in the financial market. In most countries, the clearing bank through which payments go is the central bank. The payments are categorized as credit payments, i.e. they are initiated by the payer. The bank debits his account and credits the account of the payee almost simultaneously. Distinctive features of gross settlements are presented in fig. 6.12.
Rice. 6.12.
On fig. 6.13 the scheme of transfer of electronic payment documents (EPD) on intraregional systems is shown, on fig. 6.14 - for interregional systems.
Rice. 6.13.
1 - settlement documents; 2 – creation of an electronic parcel on debiting funds; 3 - ESID (electronic service information document on receipt of parcels) on the completion of postings on the correspondent account; 4 – in cash register transactions with simultaneous reflection on correspondent accounts, where funds are debited from the payer's bank and credited to the beneficiary's bank; 5 - an electronic parcel about the transfer of funds; 6 – ESID-parcels on receipt of funds; 7 - production of an electronic sample of ED on paper for customers
Rice. 6.14.
1 - settlement documents; 2 – electronic parcels with copies of EPD for reflection on correspondent accounts; 3 – ECID about receiving parcels; 4 – electronic parcels with copies of EPD for debiting and crediting on the personal accounts of participants in electronic settlements in the GRCC; 5 - in the Federal Settlement Center (FRC) personal accounts of the GRCC of participants in electronic settlements are opened, where funds are debited and credited simultaneously from the personal accounts of the GRCC of the sender's bank and the recipient's bank; 6 – ECID on the successful completion of the electronic calculation; 7 - electronic parcels about crediting funds to correspondent accounts; 8 - ECID on receipt of the parcel; 9 – electronic parcels about credited funds; 10 - ECID on receipt of the parcel; 11 – production of electronic samples on paper EPD carriers for customers
Direct settlements between credit institutions historically arose in the system of international monetary settlements on the basis of correspondent relations established between banks of different countries. Correspondent banks open correspondent accounts "Loro" or "Nostro" with each other.
Correspondent account "Loro"(balance sheet account 30109) is a passive account (demand deposit) opened in bank A by bank B to serve its clients.
Correspondent account "Nostro"(Balance Account 30110) is active and reflects Loro's accounts at Bank B. Bank A employees might say, "They have our account." For Bank B, it will be the other way around. The bank that maintains the Loro accounts must keep track of the balance of the account on a daily basis. If the balance is in debit, the correspondent bank is notified of the amount of the overdraft (see paragraph 7.2 for details) to be covered.
Each bank may have correspondent relationships with several foreign and domestic banks. Operation types correspondent accounts:
- Settlement and cash services for clients of the correspondent bank;
- operations on interbank loans and deposits;
- own operations of the bank leading correspondent account: receipt and payment of interest, expenses, etc.
SWIFT carries out transfers on Loro and Nostro accounts, performs clearing settlements.
Interbank clearing is a system of non-cash payments between banks, carried out through single settlement centers. The clearing system is based on the fact that all banks perform approximately the same operations, have a similar accounting organization, and a high level of computerization.
The advantage of a clearing settlement system compared to correspondent direct settlements is as follows: funds are not dispersed among correspondent accounts, clearing centers accumulate them for settlements and noticeably speed up settlements. The center may be the clearing house of the Central Bank or a chamber established by the banks themselves.
Clearing mechanism based on two types of calculations. They can be carried out either on a gross basis(gross settlement systems), or based on net position(net settlement systems). In the first case, the payment is made in full. Net position is the result of netting, it is the difference between the amount credited to the account of the system participant and the amount debited from this account for a certain time. That is, there is netting (netting) - offsetting mutual claims and obligations with circulation on the account of only balance turnovers. It is possible to form a debit balance on the account of a settlement participant, which can be covered by receipts to this account before the end of the working day. Based on the results of all transfers, the account balance of each participant is determined. If it exceeds the allowable minimum debt, the difference must be paid to the account of the clearing house. If the account holder does not have funds, he may be granted an overdraft. If a credit balance is formed, the difference forms a free balance that can be claimed from the account of the clearing house.
Mutual settlements significantly reduce the volume of transferred funds, speed up settlement processes, and increase the liquidity of banks. At the same time, clearing settlements are associated with fairly high risks: liquidity, technical and information.
Settlements based on clearing can be both interbank and intrabank, as a rule, carried out in multi-branch banks. An example (Fig. 6.15) of organizing settlements within large multi-branch banks, branches and branches of which become participants in the system of inter-branch settlements, is Sberbank of Russia. Currently, the Savings Bank of the Russian Federation is restructuring its system of intrabank and interbank settlements based on the introduction of more advanced technologies.
Rice. 6.15. For a detailed classification of payment systems and their features in different countries, see: Krivoruchko S.V. Payment systems: textbook, allowance. M.: Market DS, 2008.
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Introduction
1. Theoretical and methodological aspects of interbank settlements
1.1 Content and principles of organization of interbank settlements
2. Analysis and evaluation of the effectiveness of the system of interbank settlements in the Russian Federation on the example of OJSC "Sberbank of Russia"
2.1 Brief economic and organizational characteristics of Sberbank of Russia OJSC
3. Problems and prospects for the development of interbank settlements
Conclusion
Bibliography
interbank settlement legal non-cash
Introduction
Throughout human history and in modern conditions, in particular, money has been an integral attribute of a person's economic life. All transactions related to the production of goods and the provision of services are completed by cash settlements. Moreover, payments can take both cash and non-cash form.
The relevance of this topic is determined by the fact that in our age, in the age of high technology and universal computerization, the population of the Earth increasingly prefers non-cash payments, as a faster and more convenient method of calculation than the use of cash.
Also, the widespread use of non-cash payments is facilitated by an extensive network of banks, as well as the state's interest in their development, both for the above reason and for the purpose of studying and regulating macroeconomic processes.
And therefore, the study of such a concept as cashless payments is a relevant topic due to its global significance both for the banking system of the Russian Federation, but also for global significance as a whole.
The subject of the study is economic monetary relations, the carriers of which are non-cash payments, the mechanism of their organization, implementation and improvement in market conditions.
The object of study of this course work is the modern system of cashless payments, identifying its features and problems.
The purpose of the work is to consider the organization of interbank settlements and their further improvement on the example of Sberbank of Russia OJSC.
In connection with the purpose of writing the course work, the following tasks were set:
Give the definition and essence of interbank settlements;
Describe the basic principles of organizing interbank settlements;
Consider the regulatory framework for the organization of interbank settlements;
Give a brief economic and organizational description of the bank JSC "Sberbank of Russia";
Assess the efficiency of economic activity in OJSC "Sberbank of Russia";
Consider foreign practice of organizing interbank settlements;
The main research methods were:
Static analysis;
Method of structural-functional analysis;
Method of analysis of literary sources;
Method of analysis and synthesis.
When writing this course work, the information base was:
Scientific, monographic researches;
Periodicals;
Statistical tables;
Regulations.
1. Theoretical and methodological aspects of interbank settlements
1.1 Content and principles of organization of interbank settlements
The implementation of non-cash payments in the economy between suppliers and consumers of products determines mutual settlements between banks. Interbank settlements occur when the payer and the recipient of funds are serviced by different banks, as well as when banks mutually lend. Interbank settlements are a set of settlements between credit institutions and between their branches. Both levels of interbank settlements have both common features and certain differences. These types of relationships between credit institutions differ in the form of organization and economic content.
Organizational differences lie in the fact that in settlements between credit institutions, the relations of economically separate entities are realized, and interbranch settlements are carried out within the boundaries of one bank. The most significant is the difference in these types of calculations in terms of their economic content. The internal content of settlements between credit institutions and inter-branch settlements is characterized by the payment boundary, the method of the relationship between the participants and the technique of making settlements. The payment limit is understood as the maximum amount of funds that can be transferred. With inter-branch operations, such a number is actually not limited. Payments between credit institutions can only be made within the funds available to the latter.
Legally independent participants in settlements - credit institutions - independently determine the sources and ways of placing funds. Consequently, interbank relations can only arise on a contractual basis. Interbranch relations, including settlement ones, are based on uniform rules established by the head bank for all its divisions. Differences in the technique of constructing settlement transactions between banks stem from the way they interact. Branches of one bank are quite severely limited in the choice of payment methods.
The implementation of interbank settlements involves the transfer of funds between separate banking institutions. The execution of the transfer operation takes place within the framework of the established rules, binding on all parties involved in this operation. Thus, the organization of interbank settlements is based on specific relations that arise between banks - correspondent relations.
When conducting interbank settlements, three main methods are used.
The first method consists of debiting and crediting funds from accounts opened by banks at the central bank. The second method involves making interbank payments on NOSTRO and LORO accounts, which are opened by banks from each other on a bilateral basis. The third method is that settlements between banks are carried out through accounts opened either with a correspondent bank, which is a third party, or with a specialized settlement or clearing organization. The use of these methods of making interbank payments is due to the structure of the payment system, which is typical for all countries with a two-tier banking system. The main participants in the payment system include the central bank, commercial banks and non-banking institutions.
In Russia, interbank settlements through correspondent accounts have been carried out since 1991. From the whole variety of subsystems of interbank settlements, the following subsystems used by each commercial bank in Russia can be represented in an enlarged form.
1. Gross (gross) settlements:
* through RCC;
* in case of direct correspondent relations with banks;
2. Netting (clearing) - settlements within Russia through:
* RCP as an experiment;
* settlement centers of large banks for a certain amount of payments;
* clearing centers for a certain amount of payments;
* parent bank with other branches of the bank (interbranch settlements).
Despite the fact that the order of calculations in each of the subsystems has significant differences and features, they are based on the same principles. The main requirements for settlements are their sufficient promptness and predictability of payments, high reliability, security, economic efficiency and a wide variety in accordance with the needs of users. Interbank settlements are carried out according to the principles that are characteristic of the system of cashless payments as a whole, however, their manifestation in settlements between banks has certain specifics.
Since banks are the initial and final link in the chain of settlements between various economic entities, they could not be completed if there were no system of settlements between the banks themselves. In this regard, the principle of maintaining by banks their liquidity at a level that ensures uninterrupted and full settlements with other banks is of great importance for the organization of interbank settlements. The bank must at any time be able to satisfy the requirements of its customers to withdraw money from accounts and make payments on their behalf. It seeks to combine profit-making that requires freezing assets for a relatively long period of time with the guarantee of reliability and liquidity. The lack of funds on the bank's correspondent account and the imbalance of its liquidity, even for a short time, can cause serious negative consequences, a vivid example of which is the deep economic crisis that broke out in the 90s of the twentieth century, characterized by the insolvency of most Russian enterprises. Therefore, the bank needs to manage its liquidity, which dictates the need for timely receipt of funds to correspondent accounts and their rational use.
Compliance with the considered principle of interbank settlements is the key to preventing payment risks (illiquidity and credit risks), which are most dangerous for the economy if they develop into systemic risks.
Of great importance is the principle of control over the correctness of interbank settlements. Its specificity and special role lies in the constant mutual control over the synchronism and complete identity of the amounts spent, firstly, on customer accounts in banks and on correspondent accounts of banks in the RCC (or in correspondent banks), and secondly, on accounts and balances actually the participants in the settlements themselves - correspondent commercial banks in their settlements among themselves, as well as in settlements between RCCs. With the development of interbank settlements, especially the widespread use of interbank clearing, the importance of the principle of control over technological risks, which also reflects the specifics of these settlements, increases:
The general principle of organizing interbank settlements is the principle of unconditional payment for interbank obligations. By providing payment services to their customers, commercial banks act as financial intermediaries. By agreeing to carry out payment transactions of their customers, banks assume obligations for interbank payments and settlements. These obligations in most cases are associated with the consent of the payer to debit funds from his account within a certain period of time. However, the write-off of debts on tax payments, claims considered in an arbitration court can be carried out from a correspondent account without acceptance.
The payment of obligations has two aspects that are especially important in the implementation of interbank settlements: the finality of the payment and the need to confirm its execution. The finality of the payment serves as a guarantee of the completion of the settlement transaction. With such a guarantee, there is no possibility that the transaction will not be completed.
The most important principle of interbank settlements is the payment within the funds of the correspondent account. This principle consists in maintaining the optimal balance of funds on the correspondent account of the credit institution and observing the liquidity requirements of the bank's balance sheet. The concept of "management of the bank's cash position" is closely related to the principle of payment within the limits of the balance of funds on the correspondent account. Cash management refers to the operations carried out by the bank for the purpose of regulating assets intended for payments and controlling these assets. The relevance of observing the principle of payment within the balance of the correspondent account is explained by the fact that the bank’s risky policy in the field of active operations can lead to a systemic risk that, through the channels of interbank relations, will cause a chain reaction, spreading to other banks and hitting other areas of the regional economy and the country as a whole.
Thus, the existing principles of interbank settlements help credit institutions to carry out settlement operations in a timely manner and in full, transfer payments through correspondent account systems.
To understand the organization of interbank settlements, it is important to know and understand the economic content of the bank's correspondent account. The correspondent account, in essence, performs the same functions as the settlement account of the enterprise, but taking into account the specifics of the bank's activities. The account (mainly with the RCC) stores temporarily free own and borrowed funds of commercial banks. The range of operations reflected here is quite wide. Firstly, these are operations for credit and settlement, cash and other services to the clientele of the bank itself: transfer and collection of funds due to the purchase and sale of goods and services, settlements with the budget for the payment of taxes, fees and duties, extra-budgetary funds, insurance companies for all types of insurance. Part of the transactions is due to the receipt and issuance of cash by customers for the payment of wages and bonuses to employees and for administrative and business expenses. Secondly, these are operations on interbank loans and deposits, with securities, on the purchase and sale of currencies, and the transfer of reserve requirements. Thirdly, these are the actual business operations of the bank, for example, payments to the budget and extra-budgetary funds, administrative expenses, etc. It should be borne in mind that each bank may have more than one correspondent account, but several. In this regard, all the above types of operations are distributed among all bank accounts. The nature and number of accounts depend on the subsystems of interbank settlements in which a commercial bank is involved. The organization of correspondent relations in banks is carried out by the relevant departments, departments or sectors as part of the operational and settlement centers. Of great importance is the bank's management of its correspondent accounts, which are essentially the basis of its economic activity.
In the Russian Federation, settlements between banks are carried out through cash settlement centers established by the Central Bank of the Russian Federation in the republics, territories, regions, cities and districts. In addition, banking operations for settlements can also be carried out on correspondent accounts of banks opened by them with each other on the basis of interbank agreements. The cash settlement center acts as an intermediary in the transfer of funds when using the first method of interbank settlements. The second method of making settlements between credit institutions is based on the opening of mutual correspondent accounts or the establishment of direct correspondent relations.
The process of establishing correspondent relations is divided into three stages: the choice of a correspondent bank, the preparation of documents necessary for opening a correspondent account, and, most importantly, the development and signing of a correspondent agreement. The choice of a correspondent begins with an analysis of customer payment flows and identification of regions or cities where these payments are for the most part directed. An important point is the assessment of the volume of receipts to the bank's correspondent account in the RCC of payments from the regions of interest.
Accounting for counter flows of payments is necessary to promptly maintain the balance of a newly opened correspondent account and to create favorable conditions for offsetting interbank obligations. The second stage of establishing correspondent relations is the exchange of banking documents and information on the financial position of the parties. At this stage, a preliminary assessment of the degree of risk of placing funds on an account with a correspondent bank is made on the basis of the partner's balance sheet data. The standard procedure includes checking the compliance of balance sheet liquidity indicators as of the last reporting date with the regulatory requirements established by the Bank of Russia. The final stage in the establishment of correspondent relations is the signing of a correspondent agreement and the opening of correspondent accounts on the balance sheets of credit institutions.
* the procedure for opening and closing accounts;
* list of required documents;
* Operations carried out on correspondent accounts;
* correspondent account mode;
*electronic information exchange technology.
The procedure for performing transactions, as well as the rights and obligations of the parties, regulate the rules and schedule for debiting and crediting funds to accounts, establish document flow, the possibility of providing an overdraft loan, the procedure for reconciling account balances, and the need to maintain bank secrecy. Separately, the amount and procedure for paying for the bank's services for conducting transactions on the correspondent's account, as well as the conditions for calculating interest on the credit balance of the account, are stipulated. Finally, the liability of the parties is reflected in the agreement in the form of fines and penalties for late execution of the instructions of the correspondent and his clients to credit or pay funds from the correspondent's account.
1.2 Characteristics of the types of interbank settlements
Settlement transactions for the transfer of funds through credit institutions (branches) can be carried out:
1) using correspondent accounts (sub-accounts) opened with the Bank of Russia, i.e. through the settlement network (cash settlement centers) of the Bank of Russia.
To carry out settlement operations, each credit institution located in the territory of the Russian Federation and licensed by the Bank of Russia to carry out banking operations opens one correspondent account at its location in a subdivision of the settlement network of the Bank of Russia.
A credit institution is also entitled to open one correspondent subaccount in the name of each branch at its location in a subdivision of the settlement network of the Bank of Russia, with the exception of branches serviced in the same subdivision of the settlement network of the Bank of Russia with the parent credit institution or another branch of the credit institution. In this case, settlement transactions are carried out through the correspondent account of the parent credit institution or the correspondent sub-account of another branch of the credit institution opened with the Bank of Russia, see clause 1.2 of part II of Regulations of the Bank of Russia dated October 3, 2002 No. 2-P "On non-cash settlements in Russian Federation".
2) using the accounts of settlement participants opened with non-bank credit institutions carrying out settlement transactions (for example, clearing organizations).
Clearing is a system of economic relations in which the monetary claims (accounts receivable) of the participants are repaid by their own monetary obligations (accounts payable) without the use of real money or with their minimum use. Consequently, clearing can be considered as one of the forms of non-cash settlements of legal entities and individuals for goods (services), securities, based on the offset of their mutual claims and obligations.
The concentration of payments in clearing can significantly reduce the balance of payments and the total amount of circulating means of payment, expand the scope of non-cash circulation and facilitate settlements. Through clearing, settlements are simplified, cheaper and accelerated, the available cash is preserved, which, ultimately, contributes to an increase in the level of stability and liquidity of settlement participants.
Clearing in the banking sector can be carried out both within the country and between countries (international currency clearing). The organization of interbank clearing in each country depends on the historical features of the development of the banking system, the model of its construction, the degree of concentration and centralization of banking, and the policy of the central bank in the field of monetary regulation of the economy.
Clearing operations are classified according to two criteria:
According to the frequency of their conduct;
According to the composition of the participants.
According to the frequency of mutual offsets, clearing can be one-time or permanent. One-time clearing is carried out sporadically as accounts receivable and payable accumulate. Permanent - carried out periodically, regardless of the state of financial obligations and monetary claims of the participants.
According to the composition of participants, clearing is carried out either between two legal (individual) entities, or between their groups, united according to industry or territorial characteristics.
The organization of clearing varies depending on whether the banks participating in the netting are separate legal entities or they are part of the same bank. In the first case, banks usually exchange checks, bills of exchange and other debt obligations of clients, paying only the difference in organizations specially created for settlements. In case of intra-bank clearing, all settlements related to the need to transfer money by a client of one branch to a client of another branch of one bank on the basis of various settlement documents are carried out by assigning these amounts to the address of the head office, the clearing department of which offsets the branches of its own system.
Depending on the scope of application, interbank clearing can be:
Local, which means mutual settlements between banks of the same region, or between banks of a certain group, or between branches of one bank;
Nationwide, which involves offsetting the mutual claims of bank customers within the same country.
In turn, the specificity of these types of interbank clearing is manifested in the methods of their implementation. Clearing can be distinguished:
Through institutions of the Central Bank of the Russian Federation and major commercial banks;
Through special interbank organizations - settlement (clearing) chambers;
Through the clearing department (settlement center) of the parent bank.
Clearing is possible if there are economic or other ties between its participants, if these ties are in the nature of mutual monetary relations. These links must be either reciprocal or sequential. With mutual economic relations, the movement of value from one participant to another is opposed by the counter movement of value from the second participant to the first. In this type of economic relations, mutual monetary obligations and monetary claims of one participant in relation to another are, respectively, monetary claims and monetary obligations of the second in relation to the first.
In practice, mutual economic ties are less common than sequential ones, in which there is a one-way movement of value through a number of economically isolated participants in social production. As a result of such a movement of value, there is also a limited direction of monetary settlements. Clearing is possible if a consistent chain of cash settlements is formed on the basis of economic relations. An important point is that each of the clearing participants must be a link in this chain, and these links must be interconnected, on the one hand, by monetary obligations, and on the other hand, by monetary claims.
The most effective is multilateral clearing, when its participants have monetary obligations and claims in relations with many other participants. Let's assume that a lot of transactions were carried out between the clearing participants, the documents for which were presented to the clearing center for offset and reflected in non-monetary personal accounts. In foreign practice, such accounts are called "transit account-position" and represent the ratio of the amount of debts presented for offset to the amount of mutually repaid.
Thus, when organizing clearing, money does not participate as a medium of circulation, but is present as a measure of value, which manifests itself in the prices of goods, works and services, fixed by servicing the sphere of circulation, which, in turn, reduces the overall need of the enterprise for its own working capital and ensures economy of credit resources of banks.
The Central Bank of the Russian Federation, together with a group of commercial banks, conducted a study of the possibilities of interbank clearing in the new economic conditions. As a result, a temporary regulation on a clearing institution was developed.
The regulation provided that a clearing institution is created on the basis of any form of ownership and operates on a commercial basis. The activity of a clearing institution is determined by its charter and is carried out on the basis of a license issued by the Central Bank of the Russian Federation. The founders of a clearing institution may be commercial banks, the Central Bank of the Russian Federation and other legal entities and individuals, with the exception of authorities, political organizations and specialized public funds. The organization of clearing settlements can also be carried out by special (non-bank) structures - clearing institutions (clearing centers, clearing clearing houses). The purpose of creating such institutions is to conduct clearing settlements not only between local banks. The scope of their activities also includes inter-regional settlements.
3) using interbranch settlement accounts opened within one credit institution, i.e. through the intrabank settlement system.
This method is used to make settlements between persons whose accounts are opened in different branches of the same credit institution or in the parent credit institution and its branch.
Interbranch settlement accounts mean balance accounts opened with credit institutions and their branches to record mutual settlements. Accounts of interbranch settlements are not bank accounts in the sense used in civil and tax legislation.
The general system of interbank settlements includes settlements between branches of one bank, the so-called interbranch settlements. These calculations are connected mainly with correspondent relations between commercial banks. Mutual settlements between branches of a commercial bank are divided into two types. The first is related to the movement of resources, and the second covers all other operations, including settlements, carried out on behalf of clients.
Settlements between the RCCs on the operations of commercial banks, as well as on their own operations, are carried out through the system of interbranch turnovers. On the balance sheet of the CBR, two accounts are opened for interbank settlements: "Initial inter-branch turnover" and "Reciprocal inter-branch turnover". The settlement center that started the settlement operation (initial wire) is conditionally called branch A, and the one that accepted the documents for the return wire is called branch B.
Bank operations are carried out on the basis of special documents - an advice note (an official notice of the settlement operation). They can be debit or credit (depending on the content of the transaction).
The correctness of the RCC calculations is confirmed by the coincidence of the initial and response revolutions in the matching process, i.e. comparing each response wire with the initial one. Control over the correctness of settlements between economic bodies is carried out by commercial banks and their institutions. Where necessary, RCCs and RCIs of the Bank of Russia are involved.
The activities of the RCC are closely related and directly depend on the quality of the work of the Computing Centers (CCs). At present, commercial banks have the opportunity to use both a centralized information processing system and various versions of local networks or a combination of both of these systems to automate their activities.
The centralized information processing system (through the CC) has one drawback: a relatively low speed of settlement transactions. The problems of carrying out calculations are also related to the level of technical equipment of the RCC. In addition, the very methodology of these calculations is formed using a large number of paper information carriers, which leads to errors and delays in the mail circulation between RCCs. The slowdown in payments has a very negative impact on the financial condition of the enterprise, the formation of the revenue side of the budget, and leads to a complication of the relationship between commercial banks and their clients.
Keeping a file of unpaid settlement documents for an interbranch settlement account is not allowed, see clause 2.5 of part III of Regulations of the Bank of Russia dated October 3, 2002 No. 2-P "On non-cash payments in the Russian Federation".
In addition, credit institutions (branches) are allowed to carry out transit settlement transactions. In this case, payments are made by one credit institution (branch) on behalf of another credit institution (branch) to a third credit institution (branch), where the beneficiary's account is opened.
The payment route (method of interbank settlements) is chosen by the payer when drawing up settlement documents, based on the possibilities available to the credit institution servicing it.
2. Analysis and evaluation of the effectiveness of the system of interbank settlements in the Russian Federation on the example of OJSC "Sberbank of Russia"
2.1 Brief economic and organizational characteristics of Sberbank of Russia OJSC
Sberbank of Russia is the largest bank in the Russian Federation and the CIS. At the moment, the authorized capital of Sberbank is 67.761 billion rubles. Its assets make up a quarter of the country's banking system, and its share in banking capital is at the level of 30%. According to The Banker magazine (July 1, 2009), Sberbank ranked 38th in terms of core capital (Tier 1 capital) among the largest banks in the world.
Founded in 1841, Sberbank of Russia today is a modern universal bank that meets the needs of various customer groups in a wide range of banking services. Sberbank occupies the largest share in the deposit market and is the main creditor of the Russian economy. As of June 1, 2009, the share of Sberbank of Russia in the market of private deposits was 50.5%, and its loan portfolio corresponded to more than 30% of all loans issued in the country.
Sberbank of Russia has a unique branch network, which currently includes 18 regional banks and more than 19,050 branches throughout the country. Subsidiary banks of Sberbank of Russia operate in Kazakhstan, Ukraine and Belarus. Sberbank aims to take a 5% share in the banking services market of these countries. In accordance with the new strategy, Sberbank of Russia plans to expand its international presence by entering the markets of China and India. In general, it is planned to increase the share of net profit received outside of Russia to 5% by 2014.
Considering the international vector as the most important component of its development strategy, Sberbank of Russia carries out treasury operations in the international market and trade finance operations, maintains correspondent relations with more than 220 leading banks in the world and participates in the activities of a number of reputable international organizations representing the interests of the global banking community. An active position and international prestige allow Sberbank of Russia to fully meet the foreign economic needs of its clients, attract resources on favorable terms from global financial markets and comply with the best practices adopted in the international banking community.
The shares of Sberbank of Russia have been listed on the Russian stock exchanges MICEX and RTS since 1996. In March 2007, the Bank placed an additional issue of ordinary shares, as a result of which the authorized capital increased by 12% and 230.2 billion rubles were raised. The average daily volume of trading in Sberbank shares is 40% of the trading volume on the MICEX. The founder and main shareholder of the Bank is the Central Bank of the Russian Federation (Bank of Russia). As of May 8, 2009, he owns 60.25% of the voting shares and 57.58% of the Bank's authorized capital. The remaining shareholders of Sberbank of Russia are more than 273 thousand legal entities and individuals. The high share of foreign investors in the capital structure of Sberbank of Russia (more than 24%) testifies to its investment attractiveness.
In October 2008, Sberbank adopted a new development strategy for the period up to 2014, within which the Bank aims to further develop its competitive advantages and create new growth areas. Improving the risk management system, optimizing costs and implementing initiatives aimed at improving the efficiency of operations will allow Sberbank of Russia to prove its stability in the current conditions of instability in global financial markets, maintain leadership in the Russian financial system and become one of the world's best credit institutions.
2.2 Analysis of interbank settlements of OJSC "Sberbank of Russia"
The Russian interbank lending market is very narrow. The most active 30 banks account for about 60% of the interbank lending market. The low activity in the interbank market and the growth of the market share of the top 30 banks indicate a low level of confidence in the interbank market as a whole.
Thus, assessing the level of activity of banks in the short-term interbank market, we assess the level of activity of banks in the market of short-term interbank lending and the effectiveness of short-term liquidity management in the banking sector.
Most indicators of activity in the interbank market (in particular, the Rus-Rating Activity Index, the average volume of interbank credit, the total volume of loans in the market) indicate that about 50% of market activity falls on 20-30 banks, 40% on 200 banks, only 90% falling on the first and second echelons. At the same time, different banks enter the top echelon every month.
The remaining banks of the first circle have either very low rates (less than 0.5%) or negative, which indicates that they often place more funds than they attract.
The interbank loan market in Russia is traditionally considered a heterogeneous and unstable market segment. This is a very personalized, "choosy" and self-contradictory market. Banks, especially those operating in the same region or in the same sectors of the financial market, are natural competitors for each other, always ready to help "drown their neighbor." But, on the other hand, they are all objectively interested in obtaining interbank loans and deposits. As a result, in practice, banks closely monitor each other, and as for loans, they are not issued to everyone and always in limited volumes.
The main participants in the interbank credit market, in addition to users, are also operators (organizers) of this market: dealer banks and operating systems. Non-main participants in the Russian interbank market include: banks whose operations in this area are of an irregular nature; domestic and foreign information and information-analytical (including rating) agencies and services serving this market.
The activity of interbank market participants in 2013 increased noticeably. According to the consolidated balance sheet of operating credit institutions, the total amount of interbank loans issued at the end of the year amounted to 668 billion rubles, which is 57% higher than the same indicator at the beginning of the period. Growth in transaction volumes was observed in all market segments. At the same time, the highest growth rates were characteristic of the segment of operations on placement of foreign currency loans and deposits in non-resident banks (their volumes increased by 83% compared to the beginning of the year).
By the end of 2013, the volume of overdue debt on placed interbank loans decreased significantly, amounting to 0.2 billion rubles. against 3.3 billion rubles. for the beginning of the year. As a result, the share of overdue debt in the total amount of interbank loans placed decreased over the period under review from 0.78% to 0.03%. The largest volume of overdue debt fell on the ruble segment of the market, where its share amounted to 0.06% of the placed interbank loans. The share of overdue debt in the total volume of placed foreign currency interbank loans amounted to 0.01%.
In 2013, the interbank market was still focused on ultra-short-term transactions. According to the consolidated balance sheet of credit institutions as of January 1, 2013, loans for up to 30 days accounted for 67% of claims on placed interbank loans.
As before, most of the operations in the interbank market were concentrated in the Moscow region.
The share of Moscow banks in the total volume of claims on placed interbank loans in rubles and in foreign currency amounted to 87%, in the volume of attracted interbank loans - 92%.
Figure 1. Structure of placed ruble interbank loans by terms in 2013, billion rubles
Figure 2. Share of overdue debt in the total volume of placed interbank loans in 2013
According to the consolidated reporting on the interest rate policy of operating credit institutions in Russia, the average monthly placement rate of ruble interbank loans for up to 1 month in 2013 ranged from 1.3% to 5.6% per annum. (In the previous year, this indicator ranged from 1.4 to 9.9% per annum.) The average monthly rate on overnight ruble interbank loans in the period under review was 1.1-5.7% per annum (in 2012 - 10.3% per annum), for a period of 2-7 days - 1.2-5.0% per annum (1.4-8.6% per annum). The average monthly rate on interbank loans for a period of 1 to 3 months in 2013 ranged from 4.6 to 7.4% per annum (versus 4.9-10.4% in the previous period).
Despite the increase in the level of ruble liquidity of credit institutions, the intra-month cyclicity of interbank lending rates persisted for most of the year, although it was less pronounced than in 2012. In the last days of most months of 2013, there was a moderate increase in rates associated with an increase in demand for ruble funds for making obligatory payments by banks and their customers.
The volatility of interbank lending rates slightly decreased in 2013. The average absolute change in the rate on overnight ruble loans in the Moscow market, according to the daily reporting of banks in the form No. 0409325, for this period amounted to 2/7 of its average annual value against 1/3 in 2012.
Rates on interbank credits in US dollars during most of the year, as before, were determined primarily by the situation on the world money market. On the Russian interbank credit market, as well as on the world market, the upward trend in interbank lending rates in US dollars continued. According to the reporting on the interest rate policy of commercial banks, the average monthly rate on overnight loans in US dollars during the year ranged from 2.1 to 4.0% per annum (in 2012 - 1.0-2.1% per annum). The same indicator for interbank loans for a period of 2-7 days increased from 1.0-2.2% per annum in 2012 to 2.1-4.0% per annum in 2013. Similar dynamics was observed in the segment of loans for longer periods. The average monthly rate on loans for a period of 1-3 months in the period under review was 3.9-6.5% per annum against 3.2-4.8% per annum in 2012.
Figure 3. Rates on placed ruble interbank loans in 2013
In addition, the functioning of the Russian interbank market over the past years has been characterized by two specific features:
First, the Russian interbank market has been and remains segmented. A significant part of IBC transactions is carried out within the framework of the so-called "credit clubs", that is, between banks related to each other by common business interests. This practice reduces credit risks in the interbank loan market, but at the same time slows down its development. In the event of problems, such segmentation of the market becomes a catalyst that accelerates the development of negative phenomena.
Second, Russian banks are net borrowers on the world market.
In recent years, the volume of external liabilities of domestic banks significantly exceeded the volume of their external assets. On the one hand, this gives them new sources of capital, on the other hand, it creates dependence on such sources of financing and thereby increases the vulnerability of the Russian banking sector to the impact of global economic shocks. In 2010, we all witnessed the implementation of this scenario.
Sberbank of Russia, as the largest bank in Russia, working for 70 million depositors and 240 thousand shareholders, is fully aware of its role in the economy and understands the need to maintain a balance between the interests of shareholders and customers, on the one hand, and the interests of the country as a whole, on the other hand .
Sberbank of Russia, despite difficult conditions and a significantly increased load on the Bank, its employees and infrastructure, continues its activities in full, providing all types of services to regular and new customers, individuals and legal entities, large, small and medium-sized businesses operating in all sectors of the economy.
Lending to legal entities.
Under these conditions, Sberbank of Russia will adhere to the following priorities in lending to legal entities:
· industries that guarantee the satisfaction of the daily and most necessary vital needs of the population (retail chains, pharmacies, etc.);
Industries that perform life-supporting functions (electricity and water supply, transport, etc.);
· military-industrial complex;
· small business;
· Agriculture;
· support for existing customers of Sberbank of Russia and fulfillment by the Bank of its legal obligations for lending under concluded agreements, support for the Bank's borrowers, the continuity of which is critical for other borrowers of Sberbank of Russia;
· lending to working capital and current business needs of clients.
Table 1 - Due to other banks, billion rubles
|
Direct repurchase agreements with banks |
||||
|
Term deposits of banks |
||||
|
Correspondent accounts and "overnight" deposits of banks |
||||
|
Total due to banks |
Sberbank of Russia offers credit institutions the following interbank lending programs:
Loans without collateral for up to 90 days;
· loans secured by bills of exchange and certificates of the Bank for up to 7 days;
· Loans secured by securities and precious metal ingots for a period of 1 to 6 months.
The maximum loan percentage is determined within the risk limit set for the counterparty bank. The interest rate on a loan depends on the bank's rating, the loan term and the type of collateral for the loan, the current situation in the money and interbank markets.
The Bank is active in the market of interbank loans and deposits. Among its partners are not only Russian, but also foreign banks and enterprises. The fulfillment by the bank of its obligations is secured by all its assets, including real estate. All divisions of the bank are located in their own office premises, equipped in accordance with the requirements of the Bank of Russia and modern standards of international banking services.
The following correspondent accounts have been opened with Sberbank of Russia OJSC (main correspondent banks).
Table 2 - Correspondent accounts
|
Name |
Account number (Russian rubles) |
Account No. (USD) |
Account number (EUR) |
||
|
"NOMOS-BANK" (CJSC), st. Upper Radishchevskaya, 3, building 1. |
30109810400000708601 |
30109840700000708601 |
30109978300000708601 |
||
|
CJSC JSCIB "Tserich" 119034, Moscow, st. Ostozhenka, 10/2/7, building 2 |
30109810200000000025 |
30109840400000000025 |
|||
|
JSC "Alfa-Bank" 119421, Moscow, st. Novatorov, house 7, cor. one |
30109810700000000332 |
||||
|
CJSC Vneshtorgbank Retail services 127006, Moscow, st. Dolgorukovskaya, 5 |
30109810100003005214 |
30109840400003005214 |
30109978000003005214 |
||
|
JSCB "RosEvroBank" OJSC 107078, Moscow, Myasnitsky pr-d, 2/1, building 1 |
30109810000000004885 |
30109840300000004885 |
30109978900000004885 |
||
|
JSCB "Svyaz-Bank", 125375, Moscow, Tverskaya, 7. |
30109810700000003163 |
30109840000000003163 |
3010997860000000316 |
Payments on a correspondent account opened with OJSC Alfa-Bank, Moscow.
The Bank has signed an agreement at Alfa-Bank OJSC for maintenance of clearing settlements between branches of Alfa-Bank OJSC, in accordance with which this correspondent account has been opened.
The main function of a correspondent account opened with Alfa-Bank OJSC is to make payments to its branch network, due to the fact that Alfa-Bank OJSC branches do not have correspondent accounts with the RCC. All interbank payments of branches are carried out on correspondent accounts opened in the parent OJSC "Alfa-Bank".
The transfer and receipt of funds is carried out from the correspondent account No. 30109810700000000332. The peculiarity of this settlement scheme is that payments on the correspondent account are made "to the same day".
Payment documents, account statements are sent (accepted) to (from) Alfa-Bank OJSC in electronic form in a single session. Paper attachments to the bank - payee are not delivered.
From 9.00 to 13.30, payment documents for the correspondent account are received and generated.
Till 14.00 transfer of payment documents to OJSC "Alfa-Bank" is carried out.
At 16.30 the Bank receives a statement of the documents received by it.
At the end of the day, the account balance is displayed.
Payments on a correspondent account opened with JSCB Svyaz-Bank, Moscow.
The main functions of account 30109810700000003163 "correspondent account" NOSTRO "opened with JSCB Svyaz-Bank" are:
· making transit payments to correspondent banks of JSCB Svyaz-Bank;
· carrying out operations with securities;
· Operations for the conversion of funds into foreign currencies and vice versa.
On account 30109840000000003163, money is stored in foreign currency and the main operations are performed:
· making bank transfers in foreign currency;
· conversion operations;
disbursement of funds in cash.
Payments on a correspondent account opened with JSCB RosEvroBank, Moscow.
The main functions of an account with RosEvroBank are similar to a correspondent account opened with JSCB Svyaz-Bank, Moscow.
The main difference is in the tariffs for transactions in rubles, foreign currencies and transactions with securities.
The existing technologies and infrastructure of the interbank loan market are currently at a rather low level and do not allow for the formation of a single developed money market, which is an important goal of the Bank of Russia and an urgent need for participants. At present, the volume of the interbank loan market is small, but there is a trend towards an increase in the volume of the financial market in Russia in general and the interbank loan market in particular.
Thus, interbank credit plays a specific role in the economy: it not only ensures the continuity of production, but also accelerates it. Credit helps to save distribution costs. This is achieved by reducing the cost of manufacturing, recording and storing banknotes, because part of the cash turns out to be unnecessary, accelerating the circulation of funds, reusing free cash, and reducing reserve funds.
2.3 Foreign practice of organizing interbank settlements
Using the achievements of scientific and technological progress, the largest banks began to create various automated systems for obtaining operational information about transactions on accounts and managing them within the framework of correspondent relations. Such systems are used, for example, by counterparties and clients of "First Bank of London" (MYSIS), "Bankers Trust Co." (Cash Connector), "Morgan Guarantee Trust Co." (M.A.R.S.) "Bank of America" (BAMTRAC), "Chemical Bank" (Chemlink) and a number of other banks in various countries. A number of European and Russian banks have also begun to create and implement such automated systems.
The Reuters system, which provides up-to-date information on the state of affairs on international stock exchanges and on exchange rates, has received wide recognition in banking circles. Also, at present, one of the leading roles is claimed by the World Wide Web (WWW - World Wide Web) Internet, which also provides the widest range of opportunities for exchanging information and obtaining the necessary data.
Some banks, including medium-sized ones, began to specialize in the transfer of funds between their clientele and correspondent banks. An example is the French bank "l Europeenne de Banque", which, as a member of the SWIFT organization, has taken over the transfer services for the international operations of a number of French and Italian banks and firms.
The widespread introduction of computer systems in banking practice is also dictated by the fact that competition among banks that maintain correspondent accounts is largely based on how prompt and complete the information provided is, which in modern conditions has become a commodity in the banking services market and is used to achieve optimal results. account terms.
The problem of account balances is closely related to the issue of the cost of banking services provided to correspondents. Typically, these balances (a minimum interest-free balance may be agreed upon) are placed on the market by the bank that maintains the account to cover operating expenses and generate a profit. In conditions of low interest rates, there is a certain mutually beneficial relationship: one bank receives funds that it could use for its own benefit, the other - the services of its correspondent, the cost of which was acceptable to banks and which could be reduced by increasing the volume of transactions on the account. However, during the period of a sharp increase in interest rates in the mid-1980s, maintaining interest-free balances became unprofitable for banks and an outflow of funds from correspondent accounts began.
As a result, banks began to revise the basis for building the profitability of their operations on correspondent accounts, supplementing it with commissions. Despite the subsequent decrease in rates in the market, the trend towards transferring operations on correspondent accounts to a commission basis continues.
Commissions have the advantage that they are paid immediately, are stable and are not subject to changes due to fluctuations in rates and exchange rates. Some banks conduct 80-90% of operations on correspondent accounts on the basis of commissions. Banks in the Netherlands, Sweden, Belgium, Great Britain and Russia are also increasingly using the commission basis. However, it should be noted that a number of banks in Germany and Switzerland still mainly use the system of minimum balances, and only 30% of them began to use commissions.
Of great importance in modern conditions is, on the one hand, increasing the efficiency of using your own branch network of branches, representative offices, agencies and subsidiaries (for example, the English Midland Bank has a network of more than 200 such institutions) and, on the other hand, optimizing the correspondent network . Subdivisions responsible for correspondent relations must constantly monitor the expediency of maintaining relations with one or another correspondent and avoid non-payments and overdrafts, if the latter are not provided for by correspondent agreements, the presence of a sufficient number of accounts in various currencies (this avoids the costs associated with the conversion of currencies and exchange rate differences, provided that there is no commission for maintaining an account and a sufficient volume of transactions), the optimal distribution of funds between accounts in different banks of one country.
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The basis of non-cash payments are interbank settlements. The system of non-cash interbank settlements is regulated by the Central Bank of the Russian Federation. Settlement transactions for the transfer of funds through credit institutions (branches) can be carried out using:
- 1) correspondent accounts (sub-accounts) opened with the Bank of Russia;
- 2) correspondent accounts opened with other credit institutions;
- 3) accounts of participants in settlements opened with non-bank credit institutions carrying out settlement operations;
- 4) accounts of interbranch settlements opened within one credit institution.
The main volume of settlement operations of credit institutions is carried out on their correspondent accounts opened with the Bank of Russia. To carry them out, in 1992 the Bank of Russia created a wide network of cash settlement centers (RCCs). To make settlements, each credit institution opens one correspondent account with the RCC at its location. Settlement relations between credit institutions and the Bank of Russia are regulated by a correspondent account agreement.
The account agreement defines:
- - procedure for settlement services;
- - rights and obligations of a credit institution and the Bank of Russia;
- - method of exchange of settlement documents;
- - payment procedure for settlement services provided by the Bank of Russia;
- - responsibility of the parties for the fulfillment of obligations under the contract.
To open a correspondent account, a credit institution submits to the RCC:
- - an application for opening an account;
- - a copy of the license for banking operations; copies of constituent documents;
- - a copy of the statement on the transfer of funds from the temporary savings account to the main correspondent account;
- - Candidates for the head and chief accountant;
- - certificate of registration with the tax authority;
- - certificate of registration with the Compulsory Medical Insurance Fund;
- - notification of the insurant of the Social Insurance Fund;
- - a card with sample signatures of the head, chief accountant and authorized officials;
- - a letter of registration with the Unified State Registrar of Enterprises and Organizations.
In the additional office No. 8621/0608 of Sberbank, operations on correspondent accounts are carried out on the basis of settlement documents on paper or in electronic form.
Confirmation of the operation (writing off or crediting funds to the correspondent account) is carried out by an extract from the correspondent account issued by the RCC. Upon receipt of an extract from the correspondent account, the credit institution credits the funds to the client.
A payment made by a credit institution through an RCC is considered to be:
- a) irrevocable - after debiting funds from the correspondent account;
- b) final - after the funds are credited to the recipient.
The basis for closing a correspondent account with the RCC is the termination of the account agreement. For making payments and settlement and cash services for customers, banks, on behalf of each other, establish relations between themselves, which are called correspondent, and their participants are correspondent banks.
Correspondent interbank transactions are all kinds of cooperation between two banks, which is based on the correct, honest execution of mutual instructions. In other words, the subject of a correspondent business is the relationship between two banks connected by business relations. Relationships between credit institutions when carrying out settlement operations on correspondent accounts are formalized by an appropriate agreement - a correspondent account agreement concluded between the parties.
It provides:
- 1) the procedure for establishing one calendar date for the transfer of payment when conducting settlement transactions;
- 2) rules for the exchange of documents (on paper, in the form of an electronic document);
- 3) the obligations of the executing bank to send to the sending bank a confirmation of the settlement transaction for its reflection on the correspondent account with the respondent bank on the same date;
- 4) obligations of the respondent bank to replenish the correspondent account for payment of settlement documents;
- 5) crediting an account by a correspondent bank;
- 6) conditions for terminating the contract.
For the implementation of interbank correspondent relations, the accounts "LORO" and "NOSTRO" are used. A LORO account is an account of a respondent bank with a correspondent bank. NOSTRO account is an account of a correspondent bank with a correspondent bank. Operations to write off funds from the correspondent account "LORO" are carried out by the correspondent bank on the payment order of the respondent bank.
The basis for the settlement operations on the correspondent account in the sending bank are the settlement documents of the client and on the respondent bank's own operations and the payment order drawn up on their basis, and in the executing bank - a copy of the payment order of the sending bank and the settlement documents of clients and attached to it on own operations of the sending bank.
The correspondent account is closed upon termination of the contract. Another way to carry out interbank settlements is to make payments by offsetting payment obligations and bank claims through a clearing institution.
A clearing institution is a non-bank credit institution that, on the basis of a special license from the Bank of Russia, carries out:
- a) exchange of payment documents between participating banks;
- b) calculation of net positions of participating banks.
The main distinguishing feature of clearing centers (clearing houses) over ordinary banks is the presence of a special license from the Bank of Russia, which does not give them the right to carry out credit operations, which makes it possible to ensure the reliability of payments through non-bank credit organizations. Settlement operations of a credit institution between the parent organization and branches, between branches within the credit institution are carried out through interbranch settlement accounts. On the accounts of interbranch settlements, the divisions of the credit organization make payments for all banking operations. Settlements within the credit institution are governed by the Regulations on the Branch and the Rules for Building the Settlement System of the Credit Institution. Internal banking rules are drawn up in a separate document, which should contain the following:
- 1) the procedure for opening, closing and replenishing accounts of interbranch settlements;
- 2) the procedure for identifying each settlement participant;
- 3) the procedure for document circulation;
- 4) the procedure for the redistribution of funds between divisions of the credit institution;
- 5) the procedure for settling mutual debts;
- 6) other questions.