Bank of Russia to make calculations in real time

The technical council of the Central Bank of Russia will consider adopting a real time calculation system, reported the deputy chairman of the Central Bank, Mikhail Senatorov, at the Technologies of the Banking Business: Bank Management international conference, on Monday.

According to him, a prototype of the real time calculation system was successfully tested in Nizhny Novotorod (the Volga area).

Mr. Senatorov reported that the real time total payments system project began in 1997. Originally, a single calculation system for all payments was going to be created, but it was too expensive. Therefore the decision was made to create a two part calculation system. The first part of the system handles large and urgent payments in real time through the federal calculation center. They second part of the system handles small and mass payments.

He also pointed out that every direct participant in the calculations, connected with the federal calculations center, will have their own technical account on which funds from the corresponding bank's account will be placed every morning.

The system will start functioning at midnight and last until 8 p.m., Moscow time, Mr. Senatorov said. He added that the calculations center could also work 24 hours a day.