SWIFT, an international payments network and provider of messaging services, has designated Premier certification status to Russia’s Service Bureau of National Settlement Depository (NSD), the country’s central securities depository, according to a bureau statement.
The classification by NSD’s Service Bureau from SWIFT is noteworthy as it is the first such entity to garner these accolades in Eastern Europe. SWIFT awards its Premier certification status to only capable and qualified bureaus, making the designation instrumental in helping NSD continue to promote its business and safety with its clientele.
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In order to satisfy SWIFT’s requirements under the Shared Infrastructure Programme, groups or institutions must have proper provisions in place for ensuring the reliability and safety of a variety of functions – this takes shape in two classifications of certifications, Standard and Premier levels.
In particular, SWIFT disaggregates its Premier level from the Standard one as a Service Bureau who backs up SWIFT’s technical infrastructure and uses control procedures equivalent to the SWIFT level, offering clients a safe working environment. To date, a total of 14 service bureaus globally have achieved SWIFT’s Premier status, with 7 of them located in Europe and the remaining 7 bureaus located in North and South America.
NSD presently acts as certified Service Bureau of SWIFT operating in the Russian market. For its part, Russia’s central securities depository operates as the largest settlement infrastructure organization in the country and has worked in tandem with SWIFT to generate and manage the traffic of messages in its system.
The collaboration between SWIFT and the group also has helped improve software and technologies via the SWIFT terminal complex, which in turn have allowed for the increase in the system’s reliability and operational speed.