Faster Payments System fees
The Bank of Russia Board of Directors has approved transfer fees for banks using its Faster Payments System (FPS), which is due to become operational in early 2019. The commissions range between 1 and 6 rubles, depending on the transfer amount.
‘The Faster Payments System is a critical nationwide infrastructure project. It will ensure that, on the one hand, all market players enjoy equal access to this market and, on the other, that our consumers have an easy-to-use, reliable and simple online payment service’, said Olga Skorobogatova, First Deputy Governor of the Bank of Russia. ‘Also, given the social value of the project, our FPS terms of service will be appealing to banks – so they in turn will be able to offer equally minimal fees to their customers. Importantly, we will also be offering a grace period of one year, during which the Bank of Russia will charge banks no service fee. Our hope is the Faster Payments System will markedly drive down payment private customer fees’.
The Faster Payments System will enable private consumers to make instant online payments 24/7 using simple identifiers (e.g. a mobile number) regardless of in which banks sender / recipient have their accounts.
Moving forward, FPS functionality will expand, making transfers to state authorities and legal entities possible. Further identifiers will be introduced that can be used to authorise money transfers.