Russian NSD launches currency conversion service 19 February 2015Moscow Reporter: Stephanie Palmer
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The NSD, Russia’s central securities depository has introduced a new conversion payments service.
The service integrates the operations of cash transfer and purchase and sale of foreign currency, while allowing NSD clients to reduce the number of submitted instructions and payment documents.
Clients with bank accounts opened with NSD will be able to conduct payments in a foreign currency different to the currency of the account.
The service will also simplify payments for clients that may not have enough funds in the currency of the payment, or that trade in several currencies.
It can be used for external payments and receipt of funds, particularly within corporate actions, and for operations in the NSD payments system.
Primarily, it will be available for operations between the Russian ruble and US dollar, the ruble and the euro, and the dollar and the euro.
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