NSD develops conversion services

Russia's National Settlement Depository (NSD) says it has introduced a limited conversion payment service. This integrates the purchase and sale of foreign currency and cash transfer, allowing a reduction in the number of instructions and payment documents that its clients need to submit.

Clients who have bank accounts with the NSD can conduct payments in a foreign currency other than the currency of the account. The new service simplifies the payment procedure for clients who do not have an account in the currency of payment, or clients who do not have enough funds in the currency of payment, or  clients who work with several currencies.  The service also allows clients to receive funds denominated in currency other than the currency of their accounts opened with the NSD.

The NSD adds that the service can be used for external payments and for the receipt of funds (in particular, within the framework of corporate actions) and for operations in the NSD payment system. The respective instructions may be submitted by clients in electronic form.