On 22 September, the Registrar of Financial Transactions (RoFT), established at National Settlement Depository, registered the first loan transaction made on Finuslugi, the platform operated by Moscow Exchange. The service was launched in a ‘friends & family’ mode for employees of Moscow Exchange and participating banks. In October, loan products will become available to all users.
The Registrar of Financial Transactions was established as an infrastructure solution for all financial platforms. The registry of legally valid information on transactions made through the marketplace is kept by the RoFT and has the ‘golden record’ status, thanks to which the consumer has a legally valid confirmation of the transaction, without the need to hold hard-copy agreements.
Anastasia Kiseleva, Managing Director for Repository Operations, NSD:
“This new product is an important step that simplifies user interaction with financial institutions. The RoFT acts as a guarantor for any transaction on all financial platforms, including loans. Recording a transaction with the RoFT is not only about security, but also about the convenience of getting all product information in a one-stop shop via the Public Services Portal. NSD’s infrastructure solution makes it possible to record any type of transaction and will contribute to the expansion of the product line available on financial platforms.”
Since the launch of RoFT, products on financial marketplaces have been purchased by users from 34 Russian regions as of the end of September 2021. Transactions have been registered in deposits, bonds, UIT units, compulsory third-party liability vehicle insurance policies (OSAGO), and loans. The vast majority of users (marketplace clients) used the RoFT service to receive a statement confirming a transaction.
For reference: The RoFT was established on the platform of NSD’s Trade Repository that has been registering OTC derivative and repo trades since 2013, being the only systemically important trade repository in Russia that accumulates more than 95% of information concerning the Russian OTC market.