Money transfers in Faster Payments System planned to be increased to 2 million rubles
The Bank of Russia proposes that money transfers in the Faster Payments System (FPS) should be increased from 600 thousand to 2 million rubles. This will provide more opportunities to customers, enabling them to make large non-cash payments for goods and services through the FPS. The relevant amendment was stipulated in the draft regulation ‘On the Bank of Russia Payment System’.
In addition, this document specifies the exact dates for banks to accomplish the implementation of various payment types in the FPS for their clients. It should be emphasised that the document provides for the stage-by-stage launch of different payment types (person-to-business payments, utility payments, payments to government agencies, etc.). Thus, banks who have joined the FPS should enable QR code-based payments for goods and services and payee-initiated person-to-person payments by 1 February 2021 and 1 June 2021, respectively. Banks should launch such options as regular payments, e.g., loan payments or payments for video and audio content (so called ‘subscriptions’), for retail clients by 1 September 2021, and business-to-person payments on transactions in the financial market (brokers, trustees, etc.) — by 1 January 2021. The above dates are the deadlines for banks to enable particular payment types in the FPS for their customers. In addition, banks may launch new options earlier, if and when they are ready to do so. Today, a number of banks are already deploying their services in the FPS for customers to make payments for goods, work and services, utility payments, and other types of payments.
It should be reminded that systemically important banks must conduct P2P payments in the FPS from 1 October 2019, and banks with universal licences — from 1 October 2020. The obligation for banks to join the FPS and to enable these types of transactions for their clients was established in order to improve financial inclusion, reduce the cost of payments for consumers, and enhance the competition in the financial market.
The draft regulation has been published on the Bank of Russia website for discussion. Suggestions regarding the document will be accepted until 29 March 2020.