19 Jul 2022 11:48

VTB to start testing cross-border transfers by phone number via FPS in autumn

MOSCOW. July 19 (Interfax) - VTB will launch a pilot project for cross-border funds transfers by individuals via the Faster Payments System (FPS) in autumn, Anatoly Pechatnikov, Deputy Chairman of the bank's executive board, said during an interview with Rossiya 24 TV channel.

"Money transfer technology by phone number will become a convenient alternative to other types of cross-border transactions. Our clients will be able to send funds directly to VTB Online, which will require only the recipient's phone number," Pechatnikov said.

The new service envisages sending money instantly to neighboring countries by phone number. VTB customers will also be able to transfer funds to neighboring countries using their card numbers.

"Today, the share of FPS in the total volume of transfers between individuals in Russia already exceeds 70%, so we are confident that the new service is in demand. We expect that over a three-year horizon, it will account for up to half of all cross-border transfers to those countries that support the technology. Second, an alternative will be to transfer funds to neighboring countries by card number, which our customers will be able to use in the third quarter," Pechatnikov added.

Testing of the new service will begin in the autumn, and the technology will become available to the bank's customers by the end of the year, VTB said in a statement. At the first stage, it will be possible to transfer money via the FPS to Commonwealth of Independent States (CIS) countries.

VTB customers in the third quarter will be able to transfer funds instantly to the cards of the national payment systems in Abkhazia, Armenia, Belarus, Kyrgyzstan, Tajikistan, and Uzbekistan, the bank noted.