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Central banks of Belarus, Russia working on IT platform for trade financing deals

Economy 18.10.2019 | 18:48

MINSK, 18 October (BelTA) – The central banks of Belarus and Russia are working on creating an IT platform to handle trade financing deals, BelTA learned from the report presented by Head of the Central Office for Regulating Banking Operations of the National Bank of the Republic of Belarus (NBRB) Ilona Lednitskaya at an expanded-participation session of the bank's board.

Ilona Lednitskaya said: “We are working with the Central Bank of the Russian Federation on creating a transboundary IT platform for trade financing deals. The platform will be used to organize interbank interaction in the course of transboundary documentary operations (letters of credit, guarantees).”

In her words, it will allow effectively sending financial messages. The system will have to meet common unified requirements for electronic interaction.

The National Bank of the Republic of Belarus is busy improving the legislation in order to further develop trade financing tools. It is also being done to expand the legal field for factoring. Not only banks but other organizations will be able to perform this operation. It will encourage the development of the private sector, particularly small and medium businesses. Work is also in progress to improve the legislation and put trade financing tools of Belarusian banks into a separate group. It will allow changing approaches to recording contingent liabilities of banks. It will also allow reducing the cost of servicing them for companies.

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