State Duma adopts financial marketplace law
A new service might appear in the financial market by the end of the year — the Marketplace system that allows its users to open deposits in several banks 24/7 without leaving home. The law on financial transactions through the financial platform, and the related amendments to the current legislation were adopted by the State Duma both in the second and third readings.
The Marketplace system will provide an additional channel for expanding the customer base of banks, insurers and other financial institutions, regardless of their size. Moreover, the use of the platform will help reduce costs both of customer attraction and customer service. In turn, users will have reliable 24/7 access to a wide range of financial services, regardless of their location.
The interaction between customers and service providers will be facilitated by financial platforms that will process transactions in full compliance with information security requirements. By law, all providers must be included in the special Bank of Russia register. The regulator's website will allow users to check whether a provider is included in the register.
In order to use the platform, a customer needs to create an account, then he or she will be able to freely open deposits, purchase financial products from all banks, insurance companies etc connected to the system. For example, a user can place in the basket multiple deposits in different banks or transfer funds in one click.
The Marketplace is highly reliable, as it logs all financial transactions and stores important legal information on all transactions conducted through the platforms. Customers will be able to access this information through their account on the Public Services Portal.
At the first stage, the Marketplace will include bank deposits, securities and insurance products. New products, such as loan products, will be added in the future.
'The development of online services is the main trend in the financial industry. Marketplaces represent the next level of services, when a customer can access not just one, but multiple banks through one application. Regulation changes two things: it builds a trusted environment and improves customer experience', said Sergey Shvetsov, First Deputy Governor of the Bank of Russia.
The Marketplace project was initiated by the Bank of Russia in late 2017. The regulator's main task was to collect proposals for building the regulatory base for the project.