Interbank settlements and their significance in the banking system
Interbank settlements take place in theThe case where the beneficiary and the payer are the owners of accounts in different banks. All operations between financial organizations through correspondent accounts are organized in two ways: through centralized and decentralized systems.
Settlement and cash centers
In Russia, the first option is most often used.For the implementation of centralized payments are the units of the CRH - cash settlement centers (RCC). In order to conduct transactions, each banking institution must open a correspondent account with the RCC at its location. All relations between the credit institution and the central bank, which services it in the course of money transfer operations, are carried out in accordance with the legislation and the correspondent account agreement.
Write-off of funds from the CB subaccount or crediting them to this account is confirmed by an extract in the form of an electronic service document or in hard copy.
Interbank Settlement System
Operations through correspondent accounts opened in otherbanks are conducted as follows: the respondent bank concludes a contract with another credit organization and opens an account here. The correspondent bank opens it after receiving the relevant documents from the respondent and signing the contract. The account opened by the CB in another banking institution is referred to as "NOSTRO". And the one that opens another bank in this organization (CB) - "LORO". The calculation between financial institutions is made subject to the maintenance of daily equality.
Types of interbank settlements
1. Settlements between banks through the RCC network.This system for transferring funds is the main one. If at least one correspondent account is opened in the RCC, it makes it possible to conduct transactions with any credit organization in the country.
2.Interbank settlements on open correspondent relations. The main advantage here is the absence of intermediaries in performing settlement operations, which makes it possible to make them more rapid and inexpensive. Such interbank settlements are carried out on behalf of clients, but without their direct participation.
3.Interbank settlement operations for internalbanking system - are used by large financial institutions that have a wide network of branches. This type of calculation allows you to rationally allocate resources, maintain the liquidity of small units and increase the profitability of the credit organization.
4.Interbank settlements, carried out with the help of clearing centers. Clearing is an inter-bank system of clearing settlements, which is performed by special clearing houses with the help of mutual offset of payments. In this case, only liabilities and requirements are accounted for - net settlements. The main advantage of such a system is the acceleration and optimization of interbank operations. But the presence of intermediaries makes this method of settlement more costly.
International Correspondent Commercial Networks
To conduct such calculations, commercial international correspondent networks are created: TARGET - automated system in real time mode; SWIFT-a community of world financial communications between banks; CHIPS - electronic system of clearing (clearing) settlements.