Deadlines for connecting banks to Faster Payments System established

Banks should ensure their connection to the Faster Payments System (FPS) for money transfers by customers. The deadline for systemically important banks is 1 October 2019, for banks holding a universal licence — 1 October 2020. The relevant changes to the rules of the Bank of Russia's payment system have been registered by Russia’s Ministry of Justice.

The document also stipulates the procedure for making money transfers via the FPS to legal entities (C2B payments). The FPS will enable payments for goods and services, which includes using QR codes, from this autumn.

In addition, beginning from 1 January 2020 the Bank of Russia will make it possible for banks to use daylight credit from the Bank of Russia for operations within the FPS on weekends and public holidays.

From 1 January 2020, banks joining the FPS will also be obliged to use the FPS logo in their applications. This will raise brand awareness among users and help them identify the system when making money transfers via the FPS.