19 Oct 2018 14:29

Each operation on Instant Payment System for banks to cost 6 rubles - Central Bank official

SOCHI. Oct 19 (Interfax) - The overall cost of one operation on the Instant Payment System (IPS) for banks will be 6 rubles, Central Bank First Deputy Governor Olga Skorobogatova told reporters one the sidelines of the Finopolis 2018.

"Market participants said that they wanted to have an absolute figure at which the operator will provide its services and no higher. Right now we have settled on the figure 6 rubles. That is, the cost of the operator services for banks will be 6 rubles, no more," Skorobogatova said.

A lower tariff is possible for operations on smaller sums. The 6 rubles will be shared equally by the parties to the transfer: 3 rubles for the bank with the originating account and 3 rubles for the bank with the recipient account.

"The banks themselves will determine the tariff paid by clients. They can set it at zero, at a percentage of the transfer amount. We will be on the lookout for banks that charge high commissions to clients because, in offering such good terms on connection and provision of services for the operator, we definitely expect that banks will lower the commissions charged to clients," she said.

The Central Bank hopes that all banks gradually get connected to IPS, although participation is not mandatory, Skorobogatova said.

IPS is planned for commercial launch in January 2019. The new system will enable the public to make instant payments on a 24/7 basis with the ability to use QR codes or the mobile telephone of the payment recipient.

The Central Bank of Russia is expected to be the IPS operator and settlement center and the National Payment Card System will be the operational payment clearing system.