Faster Payments System
The Faster Payments System (FPS) is a crucial infrastructural project of national importance aimed to promote competition, raise the quality of payment services, enhance financial inclusion and make payments cheaper for households.
About the project
The Faster Payments System (FPS) is a service that allows individuals to transfer money between their accounts or to other persons online 24/7 using a mobile phone number irrespective of the payer’s and the payee’s banks. The banks should be connected to the FPS.
Customers can access the system via smartphone, tablet or PC using the mobile applications of banks connected to the FPS. In order to make an instant transfer, customers should select the account from which the payment will be made in the FPS Transfer section of their bank’s application and indicate the payee’s mobile phone number and the amount. After the payer has confirmed the transaction, funds are transferred and become available to the payee within seconds.
The Faster Payments System was jointly developed by the Bank of Russia and the National Payment Card System. It was launched and has been in commercial use since 28 January 2019.