Bank of Russia to Launch Solution for International Money Transfer
In 2022, the Central Bank of the Russian Federation (CBR) plans to launch transfers to other countries through Faster Payments System (FPS), a service that allows individuals to make instant (24/7) interbank transfers to themselves or other persons using a mobile phone number.
The measure can be implemented both in cooperation with similar foreign systems, and through cooperation with individual banks abroad. According to the CBR, banks will be able to provide customers with additional services for these transactions.
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The Faster Payments System, launched in 2019, was jointly developed by the Bank of Russia and the National Payment Card System. As of February 2021, more than 16 million people were the system’s active users.
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