back Back

Bank of Russia extends support to Payment System Entities in 2023

By Gloria Methri

January 02, 2023

  • Bank of Russia
  • Contactless Mobile Payments
  • Cross Border Money Transfers

Bank of Russia, Central Bank of the Russian Federation, Moscow, National Payment System The Bank of Russia has announced the extension of a package supporting National Payment System (NPS) entities, stating that “destabilising factors still affect the payment market” and might cause difficulties in their operations.

In 2022, the Bank of Russia implemented measures to support NPS entities due to changes in the conditions of money transfers amid the restrictions imposed by foreign states. The package aimed to help reduce the burden on such entities expired on 1 January 2023.

In a recent press release, the bank said it has analysed NPS entities’ performance as regards money transfers over the period and found out that destabilising factors still affect the payment market.

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

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 the correspondent relationship continues, which causes fluctuations in the number 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, if they offer other remote banking systems for these purposes — until 1 April 2023.

The Bank of Russia however clarified that it 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 from 1 January 2023 as payment system entities have had sufficient time to adjust their business processes to the requirements set by the bank in the case of recognising a payment system as important.

Previous Article

January 02, 2023

Trovata and J.P. Morgan Asset Management partner to help joint customers tap into Morgan Money’s services

Read More
Next Article

January 02, 2023

Moneyview raises $75m in a Series E funding round

Read More

IBSi Daily News Analysis

February 20, 2024

Bank of Russia

GCC banking landscape: UAE and Qatar lead in net sentiment

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 21, 2024

Adyen and Billie team up to bring BNPL to European businesses

Read More

February 21, 2024

Boom launches Blockchain-based payments platform in Africa

Read More

February 21, 2024

Autonom8 & Berar Finance to automate Intelligent Loan Origination

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023