The Central Bank of Russia proposes to expand the functionality of the system of rapid payments (SBP) due to translations from Russia to other countries, the regulator says.
From the draft indication of amendments to the Regulations on the Bank of Russia’s payment system, it follows that new opportunities may be introduced both due to interaction with similar systems abroad and through cooperation with individual foreign banks.
Extension of functionality is scheduled for 2022. To enter into force the instructions of the regulator should from April 1. By the idea of the Central Bank, cross-border payments as a result of innovations should become easier for users, as fast as inside Russia.
SBP launched in early 2019. The system allows users of Russian banks to quickly translate funds by phone number, as well as pay for goods or services using the QR code. The possibility of the appearance of transboundary payments in the Central Bank was mentioned in April, then it was assumed that the first country where money could be sent, Belarus will become.