The Russian new financial messaging rules approved

Beginning on 1 October 2023, banks will be obliged to use only Russian platforms and financial infrastructure for financial messaging in the course of money transfers in the territory of the Russian Federation.

This will ensure reliability, smooth operation, and safety of data exchange in transactions conducted inside Russia.

Now, banks shall communicate information on such transactions through their own banking systems or platforms offered by third-party Russian companies, as well as via the Bank of Russia’s Financial Messaging System.