• 12 Neglinnaya Street, Moscow, 107016 Russia
  • 8 800 300-30-00
  • www.cbr.ru
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Marketplace

The Marketplace is an online service enabling individuals to purchase financial products offered by various companies on a single platform on a 24/7 basis.

The Bank of Russia initiated the Marketplace Project in December 2017. It is aimed at establishing a legal and regulatory framework for the remote retail sales of financial products (services) across the Russian Federation, without any geographical restrictions, with these financial transactions to be recorded in a dedicated register — the financial transaction registrar.

The Marketplace does not involve any government investment.

In summer 2020, the State Duma of the Russian Federation adopted the law ‘On Performing Financial Transactions Using a Financial Platform’ and the related law ‘On Amending Certain Laws of the Russian Federation Regarding Financial Transactions Performed Using a Financial Platform’. This creates the opportunities for the advancement of the Marketplace based on market principles.

On the one hand, the Marketplace offers users equal access to a broad range of financial services on a 24/7 basis, regardless of users’ locations. On the other hand, this project paves the way for stronger competition in the market and enhancing financial services, with companies, regardless of their size, acquiring another channel for attracting new clients.

The range of products will comprise bank deposits, government and corporate bonds, units of unit investment funds (UIFs), compulsory motor third-party liability insurance (OSAGO), and mortgage loans. In the future, this range may be expanded to include credit, insurance, investment and other financial products.

System infrastructure

The Marketplace operates based on the plug & play principle and unites the following participants:

  • Financial platforms — platforms where financial institutions and clients communicate to carry out transactions. The objective of a platform is to automate the interaction between the parties to a transaction and ensure the convenient performance of financial transactions. According to the law, all financial platform operators shall be on the relevant register of the Bank of Russia.
  • Financial product and service providers — banks, insurers, the management companies of unit investment funds, and the issuers of corporate and government bonds.
  • The financial transaction registrar (FTR) is the register to store legally relevant information on transactions performed via financial platforms. The Public Service Portal offers the possibility to receive an extract from the FTR.
  • Aggregator websites — online resources and mobile applications offering the opportunity for clients to compare and select financial products based on their key parameters, such as maturities, interest rates, ranking, etc.

To operate on the Marketplace, a client needs to register there only once, thus gaining access to any financial products offered there by the banks, insurers and other companies connected thereto. For instance, clients will be able to add several deposits from multiple banks into a single cart and transfer funds with a single click.

Marketplace benefits

For individuals

  • Online 24/7 access to financial services offered by multiple companies
  • Safe transactions
  • All information on transactions in the single register

For financial service providers

  • Possibility to attract new clients
  • Lower costs for attracting and servicing clients
  • Services outsourcing

For aggregator websites / financial platforms

  • Possibility to attract new clients
  • Technological advancement

Important

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Last updated on: 03/11/2020