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Large Russian banks to launch new services in FPS in October
The Faster Payments System introduces new requirements for systemically important banks from October 1, says the Bank of Russia’s regulations on the payment system.
According to the document, starting from October 1, the major FPS participants must ensure the support of payments to individuals initiated by the recipient (the so-called C2C-pull transactions), as well as payments of legal entities and sole entrepreneurs to individuals (except for payroll payments).
There are 12 systemically important credit institutions operating in Russia now. They are Unicredit Bank, Gazprombank, Sovcombank, VTB, Alfa-Bank, Sberbank, Credit Bank of Moscow, Otkritie, Rosbank, Promsvyazbank, Raiffeisenbank and Rosselkhozbank.
According to RIA Novosti, Gazprombank reports that they will manage to launch services by the specified date. MKB is aware of the planned changes and the work is already underway. Rosbank and Promsvyazbank plan to meet the deadline. VTB is also in the final stage of launching these services for clients. Raiffeisenbank is going to launch the recipient initiated transfers in the near future, while the service of legal entities’ transfers to individuals is already in place. Sovcombank has already implemented both services.
Source: RIA Novosti