Dec 29, 2020
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The Central Bank proposed to simplify the process of changing the bank for clients

The Bank of Russia has proposed a way to simplify the transition from bank to bank for clients of credit institutions. To this end, the regulator is going to work out the mechanism of a “universal payment address”, RBC reports with reference to the draft strategy for the development of the National Payment System for 2021-2023 from the Central Bank.

This mechanism will allow the client to receive funds even if the bank details are changed. It is specified that the introduction of a universal payment address is possible in case of demand in the market.

In the course of work on the mechanism, the Bank of Russia will also determine the conditions for the client’s transition to settlement services to another bank with subsequent automatic redirection of payments to new details. The document says that such a method of “simplified and barrier-free change by the consumer of the serving bank” should lead to the development of competition.

According to the representative of the Central Bank of the Russian Federation, the preparation of the strategy was carried out with market participants. Discussions will continue in early 2021.

Earlier, the central bank reported that the pension savings system could be legally dismantled within three years. According to the first deputy chairman of the Bank of Russia Sergei Shvetsov, there is currently no discussion on defrosting the funded part of the pension.

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