UrBC, Moscow, October 1, 2018. The Bank of Russia is adjusting its national payment system to comply with the international standards, so a new standard was adopted to regulate the financial messaging taking place when money gets transferred upon a customer’s initiative, the bank’s website indicates.

‘The standard provides a description of how the financial messaging system should operate in compliance with the international standard ISO 20022 and in compliance with the Russian national payment system law. The standard also covers all the basic interaction scripts for the actors involved in making a payment and cancelling a payment,’ the website states.

The goal is to reduce the market players’ costs through adopting a unified information exchange system.

The standard comes into effect on September 28, 2018 and is meant to serve as a guideline for the actors involved in monetary transactions. The standard can also be used as the groundwork for respective software developers.