FPS development: Bank of Russia’s proposals
14 October 2022
News
The Faster Payments System (FPS) will be integrated not only into mobile applications, but also into online banking systems of large credit institutions. People will thus be able to make money transfers using both smartphones and personal computers, even if they do not have a bank’s mobile application.
The regulator suggests that systemically important banks should have these innovations implemented by 1 October 2023.
Since 1 April 2024, credit institutions that have joined the FPS are expected to be obliged to arrange B2B money transfers through the FPS.
Additionally, the Bank of Russia simplifies the procedure for the interaction of Russian banks with their foreign partners in the course of cross-border transfers through the FPS.
Preview photo: Fizkes / Shutterstock / Fotodom