Fees for new services in FPS approved
In 2022, the Bank of Russia will add new options to the range of services offered in the Faster Payments System (FPS). In this regard, the regulator has set fees to be paid by banks for its services according to scenarios. This will help banks make estimates for their business models in advance as they prepare to implement new FPS options.
Beginning on 1 January 2022, the Bank of Russia plans to offer new B2B transactions — money transfers between legal entities, including individual entrepreneurs and self-employed persons. Nonetheless, it is for banks to decide when they will start to provide this option to clients. The regulator’s fees to be paid by banks for such transactions will range from five kopecks to three rubles depending on the amount of a transfer.
In spring 2022, the Bank of Russia plans to launch another service — citizens’ transfers to the government (C2G transactions). In this case, the Bank of Russia will set zero fees for credit institutions.
Today, the FPS enables money transfers between consumers’ accounts with different banks (C2C transactions), payments for goods and services (C2B transactions), as well as refunds when a purchase is cancelled and businesses’ payments to consumers as transfers into a brokerage account, an insurance compensation, and others (B2C transactions).