Faster Payments System: new services
The Faster Payments System (SBP) will make it easier to pay for kindergartens, extracurricular clubs and activities, as well as pay taxes, fines, and make other C2G payments. Banks will be required to offer this option to their customers on the portals of public and municipal services, on websites of relevant government agencies, and at customer service points of public sector entities. The relevant Bank of Russia ordinance has been registered by the Russian Ministry of Justice.
This requirement will apply to the largest credit institutions from 1 April 2027 and to banks with a universal licence from 1 October 2027. Certain banks already offer this option on their own initiative.
What is important is that C2G payments via the SBP are fee-free for people. Banks pay no fees to the regulator for such transactions either.
In addition, the ‘cash-in’ service, now available in the SBP, allows paying money into an account with one bank by depositing cash at another bank’s ATM. Banks will decide on whether to introduce this option or not at their own discretion.