Russian senators have introduced a draft law to the State Duma on connecting Russian banks to the express payment system developed by the Central Bank. This system is designed to ease money transfers for individuals and make them cheaper.
The Central Bank has already launched the express payment system in a pilot mode. It allows paying the bills regardless of the bank users keep their money in, the Federation Council’s press service reported. According to Nikolai Zhuravlyov, one of the draft law’s authors, the new system will break up the monopoly of certain banks that introduce high cash transfer fees.
“All banks should be connected to this system. We have already introduced necessary amendments to the State Duma”, the senator noted.
Federation Council Speaker Valentina Matviyenko added that the new system will be convenient to use, with fast transfers and small fees.
The draft law proposed by senators will allow Russian citizens to make cheap bank payments across the country. Today, to transfer money to relatives, a person has to pay the fee that amounts to 1.5% of the transfer sum; the money arrive in 1-3 days. The new system makes payments considerably easier – they can be made with a special mobile application.