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Screenshot of a breaking news alert e-mail from Q2 2017
Russia’s National Settlement Depository, part of the Moscow Exchange Group or Moskovskaya Birzha OAO (MCX:MOEX), announces today that it has introduced services of the certified Service Bureau of SWIFT in the Russian market.
The SWIFT Service Bureau is an organization which secures full access to all SWIFT services and is responsible for organizing interactions with the global network. Connection through the Service Bureau enables clients to significantly reduce SWIFT services related costs.
Companies with relatively low traffic of SWIFT messages face high costs for a direct connection to the system, as they need to purchase the special SWIFT equipment, reorganize their infrastructures and personnel, regularly upgrade the software, and meet safety and business continuity requirements. The NSD Service Bureau incurs all costs for meeting these requirements and lets other market participants connect to the system and use the SWIFT network through the NSD terminal.
After connecting to SWIFT via the NSD Service Bureau, an organization becomes a full member of the community, on a par with other organizations that connect directly to SWIFT.
You can view the full announcement from NSD by clicking here.