The fast-payment system (FPP) launched on 28 January 2019 immediately attracted the attention of both banks and potential users. Similar projects already existed in the market, but these were closed-loop solutions created by one player for its customers. Despite the fact that the founders of the SBP are the Bank of Russia and NSPC, the banks participating in the system play a leading role: they are the ones that provide access to the system and implement the possibility of making payments. Dmitry Kolesnikov, the director of SBP, spoke about what awaits the participants and users of the system in the near future.
It is well known that the fast payment system is a joint project of three systemically important structures: the Bank of Russia acts as an operator and settlement center, the National Payment Card System (NPCS) acts as an operational payment and clearing center, and the FinTech Association is a platform for dialogue with financial market participants.
At the first stage, 12 credit institutions participated in the BPS: Gazprombank, VTB, Alfa-Bank, Promsvyazbank, Ak Bars Bank, Raiffeisenbank, Tinkoff Bank, SKB-Bank, Rosbank, Sovcombank, as well as QIWI Group and RNCO Payment Center. Customers of these financial market players are currently able to send and receive money via SBP. However, in the foreseeable future, all banks significant in the payment market can be connected to the SBP. Within the framework of this initiative, the State Duma adopted a corresponding bill in the first reading.
According to the information of the Bank of Russia, since the beginning of the test period of the system's operation, more than 70,000 transfers for the total amount of about 560 million rubles have been made during its two months of operation. The average amount of transfer amounted to 7.8 thousand rubles.
Settlement mechanism
Individuals can make transfers to each other and to themselves within the framework of an SBP, using only their mobile phone number as an identifier. An important condition for the development of new customer experience is the use of a mobile application, which allows users to quickly and easily integrate into the process of making transfers.
Entry into the SBP is made through mobile applications of member banks, into which they independently integrate this feature. In the application itself, it is necessary to select the corresponding item (for example, "Transfer via SBP") or the SBP logo, then enter the mobile number of the recipient of the transfer, select the account of funds withdrawal and the planned amount to be transferred. After checking the correctness of the entered data, it will be necessary to confirm the transfer sending (for example, by entering the code sent to the SMS).
It is important that in some banks' mobile applications, in order to get access to the SBP, you need to select the "Payments" section and then the "By phone number" option. The further scheme of making a transfer will be similar (see figure).
In addition to speed (transfer to the BPS takes up to 15 seconds) and convenience (there is no need to enter all the details of the recipient's account and remember the bank card number), transfers in this system are highly available. Compared to classical transfers, which are not always available at weekends and holidays, the SBP operates 24×7,365 days a year.
Another attractive feature of the SBP is the cost of transfers. During the first year, the Bank of Russia will not charge banks for transfers within the system and expects them to take symmetrical steps towards direct users - individuals. Thus, the introduction and subsequent development of the system will generally reduce the cost of payments for the population.
SBP as a driver of competition between banks and legal entities
The fast-paying system may become a trigger for increased competition.
Important features of the system are independence and equidistance from market participants. This means that the SBP assumes equal rights and opportunities for all participants. Thus, in the future, the amount of commission for participating banks will be from 50 kopecks to 3 rubles per transfer. Nevertheless, the SBP assumes for each participating bank the possibility to independently set tariffs for its clients - users of the system.
Opening access to simple transfers via mobile banking will affect the growth of the non-cash payment market by simplifying the transfer procedure itself. Now individuals will not be tied to a specific bank but will become, in fact, multibank clients.
24-hour access to SBP makes it possible to make payments at any time of the day and night, which will also allow banks to form a more loyal audience.
To be continued in the next part.