Russia’s central bank said it is overhauling its financial system to beget a new National Payment System Department in attempt to promote a stricter control in the sphere of payment and accounts. The department will watch over the whole market of Russian payments made within both the central bank and the country. Currently, these functions are spread out among three structures ruled by Deputy Chairman at Central Bank of Russia Tatyana Chugunova. Roman Prokhorov, heading Settlement Regulation Department, is under her command and supervises payments and accounts conducted within the territory of the Russian Federation and monitors operation of the payment systems. Management and Monitoring Department is run by Timur Batyrev. It controls the Bank of Russia’s payment system performance, in particular the system of bank instant e-payments. Balance of Payments Department and Banking Regulation and Supervision Department deal with business accounts of the Federal Treasury, which money is kept in the central bank and distributed through the regions. Abundance of departments brings forth higher expenses and lowers labor productivity all in all. Besides, the modern world requires qualitative revamps in this industry. The market participants believe that there is a case for departments’ consolidation. “Central bank acquired a new status of payment systems regulator. Naturally, regulator’s organizational pattern should qualify for the new legislation and rapidly changing payment industry,” - Visa's Public Relations Head Dmitriy Vishnyakov said.