The Central Bank extended the period for connecting banks to the FPS until April 1
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The Bank of Russia has extended until April 1, 2023 the period during which Russian credit institutions must connect to the Fast Payment System (FPS). Initially, the regulator set the deadline to January 1, 2023. The Central Bank will not apply penalties for violation of the relevant requirements if the bank offers its customers an alternative system of remote banking services. This is reported on website regulator.
The Central Bank introduced the FBP in Russia in 2019. From July 1, 2022, all banks had to connect to the system. For non-connection to the service, a fine of up to 1% of the minimum authorized capital is provided. PSB, Rosselkhozbank, Moscow Credit Bank were among the first to join the SBP. Sberbank, Gazprombank, Alfa-Bank, FC Otkritie, Raiffeisenbank, Rosbank and Tinkoff-Bank did not have time to connect to the service within the originally set time frame.
According to forecasts Central Bank, by the end of 2023, the share of non-cash payments will be 76-78%. At the end of 2023, the share of Mir cards and SBP in the volume of retail non-cash transactions may increase to 47–49%.
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