Russia's NSD to stop using SWIFT as electronic document flow channel for depository services as of Jan

MOSCOW. Aug 7 (Interfax) - Russia's National Settlement Depository (NSD) has postponed the date by which it will stop using the SWIFT system as a channel for electronic document flow for depository services, with the exception of work with foreign depositories, to January 1, 2024 from October 1, 2023, the NSD said.

At the same time, the NSD confirmed plans announced in April to stop using SWIFT for banking services for customers of Russian resident credit institutions as of October 1.

In light of this, the NSD recommended considering ahead of time a switch to alternative channels of interaction, such as a banking service online account, online service and the Russian Central Bank's SPFS financial messaging system, or for depositor services to a depository-clearing service online account or the NSD Integrated Gateway online service.