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Feb 19, 2021
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RBC: Central Bank asks banks to speed up the connection to the Fast Payments System

The Bank of Russia has asked credit institutions to speed up the implementation of the Rapid Payment System (FPS), RBC reports, citing a document from the Central Bank.

The regulator turned to banks with a request to speed up the connection to the payment system using QR codes, transfers from legal entities and transfers between individuals at the request of the recipient of funds.

“We strongly recommend to intensify the above works and to revise the terms of connection in the direction of their reduction,” the letter from the Central Bank says.

It is noted that systemically important credit institutions should introduce new services by October 1, 2021, and banks with a universal license – by April 1, 2022.

At the moment, 42 banks have introduced payment by QR-code, among them nine are systemically important.

Earlier it was reported that Russian banks should increase the limit on transfers in the Fast Payments System. Since May 1 of last year, Russians can transfer up to 100 thousand rubles a month within the system for free. By October 1, credit institutions need to work out a system for increasing the limits so that this amount can reach 150 thousand rubles.

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