Connect with us

Hi, what are you looking for?

Digital Transformation

Bank of Russia takes measures to support National Payment System entities in 2023

Bank of Russia takes measures to support National Payment System entities in 2023The Bank of Russia implemented measures to support National Payment System (NPS) entities in 2022. They were approved in response to changes in the conditions of money transfers in the midst of restrictions imposed by foreign states, and they helped in the timely reduction of the burden on NPS entities. These measures will expire on January 1, 2023.

The Bank of Russia has analysed the performance of NPS entities as regards money transfers over the effective period of the support measures and found that destabilising factors still affect the payment market and might cause difficulties for NPS entities in their current operations.

Considering these findings, the Bank of Russia has decided to extend the following support measures:

1) Non-application of enforcement measures for a failure to register a payment system operator in the case of credit institutions’ compliance with the criteria stipulated by Part 39 of Article 15 of Federal Law No. 161-FZ, dated 27 June 2011, ‘On the National Payment System’ — until 1 July 2023.

This measure is extended as the transformation of the correspondent relationship continues, which causes fluctuations in the amount of money transfers on correspondent accounts.

2) Non-application of enforcement measures against credit institutions for a failure to offer mobile applications to their clients enabling money transfers via the Faster Payments System, provided that they offer other remote banking systems for these purposes — until 1 April 2023.


Read more-

Don't miss our updates on your email

Subscribe to our Newsletter

PR Newswire