System of quick payments work in Russia in the end of January

Система быстрых платежей заработает в России в конце января

The Bank of Russia has announced the launch of fast payments, it will be held on January 28. Work will take place in test mode.

The Director of the Department of national payments, Central Bank Alla Bakina told that the official launch will happen on 28 February, and within a month will test the program.

The main advantage will be the speed of transfer of funds, it will happen instantly and 24 hours a day. So not matter what Bank the sender and recipient. Now this system works only from Sberbank. The project will help reduce the size of the commissions that consumers pay for translations. In the future, such transfers can generally be free.

Now to the project to connect the 12 banks, and another 40 have applied in the future to connect to the system. In test mode, the banks will provide services to a limited number of customers which choose for yourself. And in the future it will be available to all Bank customers. First connect Raiffeisenbank, VTV, Alfa-Bank, Gazprombank and Promsvyazbank.

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