Russia is especially important with Armenia and Kazakhstan to connect them to the SBP
Russia is exploring the possibility of cross-border transfers through the fast payment system (FPS) with Armenia and Kazakhstan, writes Izvestia newspaper, citing information from two interlocutors in the payment market. The work is at the initial stage of consideration, says one of the sources of the publication. Another interlocutor clarified that options for transfers are also being worked out in other EAEU countries (the union includes Kyrgyzstan, Kazakhstan, Belarus and Armenia). According to him, Russian banks are responsible for working with the national payment card system (NSPK), which, in turn, perfects work with foreign users.
The Central Bank told Izvestia that a pilot project for a cross-border transfer through the FPS is planned to be implemented at the end of 2022. The National System of Payment Mixed Cards with the Bank of Russia and numerous credit institutions continue to work on the launch of cross-border transfers, as indicated in the NSPK. The central banks of the EAEU countries did not promptly respond to the newspaper’s request.
The first direction will be Belarus, the source code of the source code of the newspaper. Alla Bakina, director of the department of the national payment system of the Central Bank, is still in the first board about plans to connect with the SBP of this country. True, at that time she claimed that transfers to Belarus through the system of fast transfers were going back “with the call of 2022” (quote according to TASS). Participation as a pilot of the regulator was confirmed in four large banks: VTB, Promsvyazbank (PSB), Sinar and Novikombank.
The fact that the Central Bank had the opportunity to launch cross-border transfers within the framework of the FPS with the countries of the EAEU, back in September 2019 wrote newspaper Kommersant. Then the Bank of Russia was cautious in its assessments. “In the near future, we will be interested in the possibility of interaction with other states, primarily the EAEU countries,” said a representative of the regulator about the possibilities for developing the SBP. The publication is numbered, that the possibility of cross-border transfers to the EAEU countries within the framework of the FPS is a prospect for 2020. However, since then this functionality has not been implemented.