Measures to support National Payment System entities in 2023

In 2022, the Bank of Russia implemented a package of measures to support National Payment System (NPS) entities. They were approved due to changes in the conditions of money transfers amid the restrictions imposed by foreign states and helped timely reduce the burden of NPS entities.

These measures expire on 1 January 2023. The Bank of Russia has analysed NPS entities’ performance as regards money transfers over the effective period of the support measures and found out that destabilising factors still affect the payment market and might cause difficulties for NPS entities in their current operations.

Considering these findings, the Bank of Russia has decided to extend the following support measures:¹

1) Non-application of enforcement measures for a failure to register a payment system operator in the case of credit institutions’ compliance with the criteria stipulated by Part 39 of Article 15 of Federal Law No. 161-FZ, dated 27 June 2011, ‘On the National Payment System’ — until 1 July 2023.

This measure is extended as the transformation of correspondent relationship continues, which causes fluctuations in the amount of money transfers on correspondent accounts.

2) Non-application of enforcement measures against credit institutions for a failure to offer mobile applications to their clients enabling money transfers via the Faster Payments System, provided that they offer other remote banking systems for these purposes — until 1 April 2023.

However, the Bank of Russia does not plan to extend the measure associated with the non-recognition by the regulator of a payment system as important in the case of its compliance with the established criteria of importance.

This support measure will terminate beginning from 1 January 2023² as payment system entities have had sufficient time to adjust their business processes to the requirements set by the Bank of Russia in the case of recognising a payment system as important.

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