Commissions for “physicists”, b2b- and c2g payments, cross-border transfers – we are studying innovations in the work of SBP
Fast payment systems (FPS) are becoming an increasingly important player in the Russian financial services market. In the first nine months of 2021 alone, the number of users tripled, the number of remittances increased sixfold, and the volume sevenfold. Bloomchain has gathered in one place information about how the system will change in 2022.
The main innovation was the emergence of commissions for transfers between individuals. The period during which no commission is charged for transfers in the amount of up to 100 thousand rubles in SBP must end on June 30, 2022. From July 1, you will have to pay them.
The commission for payments of up to 100 thousand rubles was canceled by the Bank of Russia in early 2020. Then the regulator warned that this cancellation would be temporary, and a delay was needed, among other things, to establish a fair commission in the SBP.
SBP was launched by the Central Bank in February 2019. This system allows you to make transfers by phone number and pay for goods using QR codes. By the end of November, 40 million people had made transfers via SBP: they made about 800 million transfers totaling 4.9 trillion rubles. More than 200 Russian banks are connected to the system.
Currently, the size of the commission for individual transfers in the amount of up to 100 thousand rubles is zero. For large transactions, you will have to pay 0.5% of the amount, while the size of the commission should not exceed 1.5 thousand rubles.
The exact size of the future commission has not been determined, but it is possible that some transfers for “physicists” will remain free. We are talking about transactions that clients make between their accounts in different banks. According to the first deputy chairman of the Central Bank Olga Skorobogatova, this will allow her “to freely choose deposits and the bank where she wants to transfer money.”
In this case, the size of the maximum transfer amount in SBP can be changed. Currently, it is limited by law and amounts to 600 thousand rubles, but the regulator is considering increasing it.
“We definitely don’t plan on reducing it – there’s no need for that. And we are considering the issue to improve it, and we have discussed this topic with Rosfinmonitoring. It’s too early to talk about the time, but in the future [это] planned, “- said Alla Bakina, Director of the Department of the National Payment System Bank of Russia.
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Fast Payment System operation scheme. Source: SKB-Bank
Transfer to market
Also, in the summer, the commission rate for individual transfers to accounts on the market will also change. From November 1, the size is the same as the commission for ordinary transfers between individuals – free if the size is less than 100 thousand rubles, and 0.5% of the transfer amount, if more.
For operators of the financial platform itself, the service will be free – they will be exempt from paying interbank commissions and fees for Central Bank services. The regulator explained this decision by the fact that in such operations, users actually transfer money to themselves, and funds are sent to special accounts of financial platforms for their own operations.
The list of markets where this rule will apply is maintained by the Central Bank. Since the creation of this register, only four operators have appeared in it – Moscow Exchange, VTB Registrar, Infinitum and Sravn.ru.
Starting January 1, transfers between legal entities, including individual entrepreneurs and self-employed persons, will be available in the SBP. The size of the commission for such an operation for the bank will be from three kopecks to five rubles, they will depend on the amount of the transfer.
BPS rates for b2b payments in 2022. Source: Central Bank of Russia
The Bank of Russia announced that at the beginning of the year this option would be technically implemented, and each bank would decide for itself to provide it to its customers. Moreover, it may never become mandatory.
“We will look with the bank to see how much this service will be in demand and convenient. Then they will implement it themselves,” said Bakina.
c2g terjemahan translation
Another new service will launch in the spring of 2022. SBP will be able to make c2g transfers, i.e. citizen payments that benefit the state – for example, fines, duties or taxes. This payment will not be subject to commission.
“According to initial estimates, interaction with the budget will be one of the mandatory services. Deadlines [начала работы сервиса] We will install it after the revision is complete, and we will clearly understand the readiness of our system,” said Bakina.
According to the Central Bank, the share of non-cash payments in Russia in the first nine months of 2021 will be 72.6%. This is 3.2 percentage points more than in the same period last year.
At the end of November, it became known that with a high probability the bank commission reimbursement program for small and medium-sized enterprises (SMEs) would be extended. Such an initiative came from President Vladimir Putin, who proposed extending it for at least six months.
The compensation mechanism began operating in July 2021. It looks like this: every month, the bank compiles a list of SME transactions through the Quick Payment System, after which the funds are sequentially transferred to the accounts of the bank and the entrepreneur himself.
The amount of commission for transactions in the SBP of legal entities is from 0.4 to 0.7%. The government allocated 500 million rubles to compensate them. Following the commencement of this program, banks recorded a significant increase in business interest in payments in SBP.
The SBP development plan also includes the launch of a cross-border transfer service – the Central Bank also plans to implement it by 2022. So far, the regulator has not disclosed details of this project, limiting itself to information that foreign payment systems and banks should take part in.
The Association of Russian Banks reports that the Central Bank is working on two possible schemes – indirect participation of foreign banks in SBP and inter-system interaction.
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