8 Feb 2018 09:39

CBR to completely switch to e-document flow with banks in 2020

MOSCOW. Feb 8 (Interfax) - The Central Bank of Russia (CBR) plans to completely switch to electronic document flow with banks in 2020, CBR first deputy chairman Olga Skorobogatova said at a press conference on Wednesday.

"As the regulator, we would like to switch to electronic document flow with credit institutions, by 50% in 2018 and by 80% in 2019, [and with] non-credit financial, accordingly, 80% in 2018 and 90% in 2019. In principle, the plan is to reach 100% in 2020, so that we actually exclude paper," Skorobogatova said.

CBR materials show that the share of e-document flow at the end of 2017 was 15% in relations with banks and 62% for non-credit financial institutions.

"And we expect that, thanks to the introduction of new technologies and new infrastructure solutions, we will provide the possibility for us all as consumers to use the most common remote services in electronic form in 90% of cases," Skorobogatova said.

CBR materials state that the regulator plans to reach this figure by the end of 2019. By the end of 2018, it expects the share of products and services available to retail customers through remote sales channels to reach 80%.

The achievement targets for e-document flow is one of the KPI for assessing the implementation of the Guidelines for Development of Financing Technologies for the Period of 2018-2020.