The Central Bank obliged banks to implement the SBP for legal entities from April 1, 2024
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From April 1, 2024, credit institutions participating in the Faster Payments program will be required to provide transfers through the service between legal entities, follows from instructions Bank of Russia. Also, systemically important Russian banks from October 1, 2023 will have to introduce the SBP service into their Internet banking infrastructure (now transactions through the Fast Payment System are only available from mobile applications).
“This will make it possible to make transfers both using smartphones and from stationary computers, regardless of the availability of the bank’s mobile application … The Bank of Russia simplifies the procedure for the interaction of Russian banks with their foreign partners in cross-border transfers through the SBP,” the press release explains. Telegram channel regulator.
To promote the SBP service, the government and the Central Bank provide its users with a number of preferential conditions. In August, Russian Prime Minister Mikhail Mishustin announced allocation of additional 800 million rubles. to reimburse the commission to small and medium-sized businesses for the use of the SBP.
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