Central Bank: the system of fast payments will work in the near future and guarantees instant money transfer
The Central Bank and its system of fast payments (SFP) will soon be available to customers of Russian banks. Representatives of the Central Bank said that the launch of the development is expected in late February. According to them, the system will provide instant transfer of funds between accounts in different banks. Only a phone number will be used for this.
How do fast payments work and which banks participate in the program?
As was already mentioned, the SFP optimizes the process of sending money to a bank account as much as possible. You will need to know only the recipient’s phone number or do not forget yours if you transfer funds between your own accounts.
The risk of making a mistake and giving money to the wrong user is excluded. After entering the phone number, you will see the initials and surname of the person. It is also known that no additional applications need to be installed for the operation. Banks themselves are responsible for providing functional mobile banking infrastructure to ensure the transfer. Only one thing is important: both banks, the sender and the beneficiary, must be members of the quick payments system of the Central Bank.
By the way, during the beta testing of development, 10 banks were pushed to it. Among them are such large institutions as Tinkoff Bank, Alfa-Bank, VTB and Raiffeisenbank. However, by the end of 2019, the Central Bank is planning to attract at least half of the top 50 Russian banks to the system.
Achieving this goal will be even more possible after the adoption of the new bill. It states that participation in the system of fast payments is mandatory for all large banks of the Russian Federation. According to the expectations of the head of the Central Bank Elvira Nabiullina, the law must be approved before the end of July.
How will the launch of the quick payments system from the Central Bank affect the position of Sberbank?
The development of the Central Bank of Russia in the field of fast transfers affects the position of its leader – Sberbank. According to studies, for the first 9 months of 2018, the citizens of the Russian Federation transferred more than 19 trillion rubles to each other — more than in all of 2017. Thus, transfers are one of the most popular banking services in Russia.
In the field of online transfers from card to card, Sberbank holds the first place, which provides more than 60% of the total mass of such operations. At the same time, a similar system of fast payments, which is launched by the Central Bank, already exists with Sberbank. Therefore, he sees no reason for himself to connect to it and opposes the adoption of laws, as this may entail an outflow of Sberbank customers.