Embassy of the Republic of Uzbekistan in Singapore

National Bank signs SPFS Agreement with VEB.RF

On September 17, 2020, during the visit of the delegation of the Russian Federation led by the Chairman of the State Development Corporation VEB.RF, Igor Shuvalov, an agreement was signed between the National Bank and VEB.RF to connect the National Bank to the System for Transfer of Financial Messages (SPFS) of the Bank of Russia.

SPFS is a specialized channel for transmitting electronic messages on financial transactions and guarantees proper work with Russian banks and other foreign correspondent banks connected to the system for international payments.

The advantage of connecting the National Bank to the SPFS will be the receipt of a channel corresponding to international standards, providing high speed of data transfer, protection of financial transactions, flexibility and efficiency in mutual settlements and exchange of information on interbank transactions.

The system will also serve to create additional convenience in customer service, modernize settlement and payment process on an innovative basis, reduce the costs on interbank communications and diversify opportunities for cooperation with foreign financial institutions.

UzA