Cross-border transfers through the Faster Payment System (FPS) can become available as early as in 2022, the Bank of Russia said on Monday, Trend reports with reference to TASS.
"Capabilities of the Faster Payment System (FPS) are anticipated to be expanded on account of implementing cross-border transfers, according to the draft guidance of the Central Bank. <…> Such opportunity is expected to be available as early as in 2022," the regulator said.
Under the draft guidance, the new functionality can be implemented either in interaction with similar foreign payment systems or through cooperation with individual foreign banks.
"This will make enable making transfers via FPS to other countries as convenient, quick and accessible as in Russia. Banks in their turn can provide citizens with optional services of such transactions," the press service of the Bank of Russia added.