Promsvyazbank has reduced security deposits to a minimum in favor of international payment systems Visa and Mastercard, said its director Peter Fradkov. This is one of the measures of preparation for possible sanctions, it follows from his words.
“We have worked with Visa and Mastercard - our colleagues agree and want to continue working with us as before,” says Fradkov. - There are security deposits in payment systems, in this sense we fulfill all our obligations, but we have reduced their size to the minimum level. We are not canceling work with Visa and Mastercard - so far there is no reason. ” Promsvyazbank is actively developing Mir, Fradkov added, he has “very good conditions” in the National Payment Card System (NSPK, subsidiary of the Central Bank, Mira operator).
Security deposits guarantee the fulfillment of the obligations of a payment system member by settlement, they are placed in foreign banks with the highest rating. Deposits are needed because of the time difference between the operation and the final settlement of it.
Chairman of the Board Promsvyazbank
“Without undue modesty, I will say: in terms of the introduction of new sanctions, Promsvyazbank is one of the most prepared major players in our country”
The size of the deposit in favor of the payment system is set as a certain percentage of the daily turnover of the bank, says a top manager of one of them. Most likely, he continues, Promsvyazbank was able to reduce deposits, reducing turnover on cards of international systems, for example, by reducing the issuance of such cards.
In case of disconnection of the bank from international systems, deposits will not be returned, added Vedomosti interlocutor.
The operation of the cards and other banks depends on Promsvyazbank: it sponsors a number of small players (the representative of Promsvyazbank did not name their number) in international payment systems. At the beginning of December, the Central Bank recommended such indirect participants of payment systems to conclude an agreement in addition to the principal one with another bank that can provide them sponsorship in payment card systems. Such a contract should come into force when it becomes necessary to change the sponsoring bank, the regulator said in an information letter.
It is not so easy and quick to change the sponsoring bank: this is not only about new licensing in the international payment system, but also about switching to a new processing. In addition, it is expensive: the director of the Kartstandart processing center, Maya Glotova, and the director of operations at Rosbank, Natalia Voevodina, estimated the cost of changing the sponsor in three payment systems at about $ 100,000.
Even in the toughest scenario, already issued cards of international systems will continue to operate in Russia (with PSB cards it will be possible to pay, and the outlets that it serves will be able to accept cards of Russian banks) thanks to NSPK: it handles domestic operations with international payment cards. Difficulties may arise for holders of cards of sanction banks on foreign trips, as well as for foreigners who want to pay with a card in the infrastructure of a sanction bank. New cards Visa and Mastercard sanctions banks can not issue.
Representatives of the Central Bank, Visa and Mastercard did not respond to requests.
In addition to working with payment systems, Promsvyazbank cleans its balance sheet from currency. According to Fradkov, the share of foreign currency assets has been reduced from 17.5% to 6.8%, and liabilities from 12.6% to 5.7%.
“We did it quite gently and calmly, with large corporate clients generally working in manual mode: they explained in detail all possible risks, recommended taking foreign exchange balances from the bank. Someone left, someone decided to stay. Of course, there were certain losses for the bank, for business, but I think it was fair, ”he said. In his opinion, customers appreciated this: many companies left rubles in bank accounts.
In addition, Promsvyazbank conducted an assessment of foreign currency balances on correspondent accounts with foreign banks. But until the sanctions are imposed, the work continues, says Fradkov.