Is it possible to reverse the internal processing in the country?

The idea of establishing the internal processing in Russia (getting, interchanging and processing information about the transactions in the payment system) appeared at the same time with its getting developments into actual practical use of the national payment system. The requirement of that system became apparent after the U.S.A. introduced economic sanctions against the set of Russian banks.

Such great credit institutions as Sberbank, Alfabank, Uralsib and Bank of Moscow discuss the possibility of creating the interconnection among themselves that will allow making transactions using plastic cards without using payment system. Foreign transactions will be carried out as usual by MasterCard and Visa.

At present there is a technical frontier of connecting the internal processing in the single of not more than 10 banks from its top 100 in terms of assets. It is necessary to develop our own national processing that would be optimized for such volumes of transactions in order to make the whole banking system exchange information freely. However, it will take time and essential allocations to develop it.

The structure being established should be at regulation. Likely these functions will be subject to Central Bank that should acts as the national processing and clearing center.

There is a high probability that this idea will be widely understood by the country’s leadership and financial power, as introducing its own payment system without the national processing can be called just a half solution.