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Bank of Russia launched the system of instant bank-to-bank transfers

Yesterday, the Central Bank of Russia (Bank of Russia) launched a system of instant payments allowing for instant bank-to-bank transfers. The new system will be also usable in commerce: its users will be able to pay for goods and services through QR-codes, similar to WeChat and AliPay.

On January 28, the Bank of Russia launched its own swift payments system (SPS). The system is already being tested by several Russian banks, as the official statement on the matter reads. It will enable users to transfer money from bank-to-bank instantaneously on around the clock basis.

By February 28, the banks involved in the pilot testing will start offering this service to all their clients. 12 financial institutions including Gazprombank, VTB, Alfa-bank, Raiffeisen Bank, Promsvyazbank, Tinkoff Bank, Rosbank and few others are participating in the pilot-testing of the system.

The next phase of the SPS project will see the implementation of the system that would allow legal entities to pay for goods with the help of QR-codes. The update is scheduled for the second half of 2019.

The plainest mechanics presupposes the use of stickers with QR-codes containing the encrypted details of a seller. A user has to scan such a code and insert the transfer amount needed before it will be sent directly to the seller. The similar principle underlies China-based AliPay and WeChat Pay services.