Sign-up to Faster Payments System extended through year end
Banks with universal licences which need more time to sign up to the Faster Payments System (FPS) by 1 October have been granted an extension. They now have until 1 January next year to join the system; no sanctions will apply. The relevant information letter is available on the Bank of Russia website.
The coronavirus pandemic caused large numbers of lenders’ staff to work remotely, forcing banks to redesign their business processes, which spells the need for extra time to roll out FPS services.
There are now 146 participant banks in the FPS, of which 134 are banks with a universal licence; another 42 show a high degree of preparedness to join. The Bank of Russia calculates that the new/extended deadline affords the rest of credit institutions ample time to sign up to the system.