Russia's systemically vital banks to connect to Faster Payment System month later

The Bank of Russia instructed systemically important banks to connect to the Faster Payment System (FPS) by October 1, 2019. Banks with the all-purpose license should be connected by October 1 of the next year, according to the regulator.

"Systemically important banks should provide an opportunity for their clients to make transfers via the Faster Payment System (FPS) since October 1, 2019, and banks with the all-purpose license — from October 1, 2020," TASS cited the Central Bank as saying.

It was contemplated earlier that the largest Russian banks should be connected to the FPS from September 1 of this year.

The Central Bank of Russia launched the Faster Payment System enabling Russians to transfer money using the phone number in late February. Several banks have already been connected to the system, including Russian Standard, Otkritie, VTB, UniCredit, Raiffeisenbank, Gazprombank, Alfa-Bank and others.