The National Settlement Depository (NSD), Russia’s central securities depository (CSD), has introduced a conversion payment service.
This service integrates two operations – purchase and sale of foreign currency and cash transfer – and allows NSD clients to reduce the number of submitted instructions and payment documents.
Clients with bank accounts opened with NSD can conduct payments in foreign currency other than the currency of the account. The new service simplifies payment procedures for a client who does not have an account in the currency of payment, a client who does not have enough funds in the currency of payment, or a client who works with several currencies.
The conversion payment service also allows clients to receive funds denominated in currency other than the currency of their accounts opened with NSD.
NSD added that the service can be used for external payments and receipt of funds – in particular, within the framework of the corporate actions – and for operations in the NSD payment system. The respective instructions may be submitted by a client in electronic form.
Currency pairs used for these operations are as follows:
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
Despite being behind the likes of Europe and China, the US payments industry is now rapidly advancing, said Anish Kapoor, CEO of AccessPay told GTNews in an exclusive interview.
Treasurers are more interested in cross-border payments and automation than real-time payments, as they are consistently asked to do more with less, argues Rick Burke, head of corporate payments at TD Bank in an exclusive interview.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.