Calculations based on direct correspondent relations
This form of calculation is characterized by the ability to provide the maximum possible rate of settlement, as well as the minimum number of persons involved in one settlement transaction, which in turn reduces the risk of loss and use of false documents.
In the settlement transaction, the main subjects are:
- respondent bank - the credit institution (branch) that opened the correspondent account (NOSTRO account)
in another credit institution (branch) and being its manager;
- correspondent bank - a credit institution (branch) that opened a correspondent account (account "LORO") of another credit organization (branch) to the respondent bank and to this account the transactions stipulated by the contract between them.
The implementation of settlement operations on correspondent accounts of credit institutions (branches) opened with other credit institutions has a number of similar features with calculations on inter-branch accounts between units of one credit institution. In particular, settlement transactions are carried out on condition that daily equalization of cash balances on the correspondent account is made on the balance sheet of the credit institution (branch) that opened a correspondent account with another credit institution (branch ) (the respondent bank) and on the correspondent bank balance, as well as on the accounts of inter-branch settlements of the units of one credit organization (the parent credit organization or its branches).
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Reflection of settlement transactions in the balances of the respondent bank and the correspondent bank, as well as in the parent credit organization, its branches on the accounts of inter-branch accounts is performed by one calendar date (day, month, year) - the payment transfer date (DPP).
Confirmation of the operation of debiting or crediting funds on the account of inter-branch accounts, as well as a correspondent account with another credit institution, is an extract from these accounts (on paper or in the form of an electronic service document (ESID)) sent by the executing bank to the bank- to the sender. At the same time, the DTP takes the day for which the statement is given.
When performing operations on correspondent accounts "LORO" and & quot; NOSTRO & quot; between the correspondent bank and the responding bank must be an agreement is reached;
- on the procedure for establishing a DPP during settlement operations;
- about the rules of document exchange;
- on the obligations of the executing bank to send to the sending bank confirmation of the settlement transaction for its reflection in the correspondent bank correspondent bank and the correspondent bank by one date;
- on the procedure for banks to act when a settlement document arrives after a fixed DPP, untimely receipt or non-receipt of confirmation of a settlement transaction or in connection with the emergence of force majeure circumstances;
- about crediting of the account by the respondent bank.
Operations for writing off money from a correspondent account "LORO" are carried out by the correspondent bank on the payment order of the respondent bank, provided that the funds in its account are sufficient. Uncompleted due to insufficiency of funds on the account, the sending orders of the respondent bank are returned by the correspondent bank on the day of their receipt, unless otherwise stipulated by the account agreement.
Write-off of funds without the consent of the respondent bank is made in cases provided for by legislation or account agreement. Settlement documents for the indisputable (without-acceptance) write-off of funds in the absence or inadequacy of the correspondent account are placed by the correspondent bank in the appropriate card file of unpaid settlement documents and paid in the order established by the legislation. At the same time, it is allowed to withdraw unpaid settlement documents submitted to the correspondent account of the credit organization (branch) for indisputable (without acceptance) writing by the collectors (recipients) on their written application sent through the credit organization (branch) that serves them.
The correspondent bank terminates operations on the correspondent account "LORO & quot; at the termination of the contract of account after receiving the application of the respondent bank to close the correspondent account or the date of termination of the account agreement indicated in it. All settlement documents sent to the correspondent bank for debiting from the respondent bank account are refunded with the reason for the refund: "Return without execution due to the closure of the correspondent account."
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