NSPK Will Become Operations, Payment and Clearing Center for Instant Payments

27 April 2018

April 26, 2018, Moscow – National Payment Card System (NSPK) will become the operations, payment and clearing center for the Instant Payments System (the IPS). The Bank of Russia and the FinTech Association have presented today a concept of the system that will enable to transfer funds via phone number.

The Instant Payments System will provide individuals with an opportunity to transfer funds via mobile phone number, e-mail or other simple identifiers, even if a sender's account and a receiver's account are opened with different banks. A user will be able to make a transfer in his/her mobile bank or in any other familiar interface: an instant messenger, a social network or an online store website. Payments under the IPS will be made in real time mode, 24/7, including weekends and public holidays.  

"We are facing the challenge to build a fundamentally new platform not related to what is happening to the card business. All breakthrough projects are implemented only when there is a challenge. NSPK has experience in implementing complex projects in a very short time and its knowledgeable experts, top-notch professionals in their sphere, will be involved in creation of a seamless infrastructure enabling to transfer funds via any identifier. I am sure that we have an excellent chance, with the support of the banking community, to reach the leading edge of state-of-the-art payment technologies and payment methods," states CEO of NSPK, Vladimir Komlev.

The Bank of Russia will become the IPS Operator and Settlement Center.

"The Instant Payments System provides fundamentally new opportunities in the sphere of payment services both for the public and organizations. Elimination of interbank barriers, reduction of costs incurred by market players and enhance of financial services' convenience for users are the IPS overriding priorities. It is important to note the role of the FinTech Association in this project coordination and in organizing a productive dialogue between market players and the Regulator," comments Olga Skorobogatova, First Deputy Governor of the Central Bank of the Russian Federation.

Currently, the pilot system testing is at the final stage, on the basis of which core requirements for the IPS will be formed. The system will be available for users as early as 2019.