VTB’s payment processing system was established in compliance with Russian laws to perform transaction services, clearing and settlement services, and national and international money transfers via accounts opened with the operator by system participants.
VTB Bank is the payment processing system operator. The operator acts independently as the provider of the payment infrastructure services. The system’s participants are operators that transfer money to foreign banks that have signed account agreements with the payment processing system operator.
The payment processing system operator determines the system’s rules and sets its service fees, opens and services participants’ accounts, and performs supervisory and other functions as set out in the system’s rules.