After examining how NPS entities performed in terms of money transfers during 2022 when support measures were in effect, the Bank of Russia has found that the payment market is still being affected by destabilizing factors. These factors may make it challenging for NPS entities to carry out their current operations.
The support measures were approved in response to changes in the conditions of money transfers in the midst of restrictions imposed by foreign states, and they helped in the timely reduction of the burden on NPS entities. These measures expired on January 1, 2023.
In light of recent findings, the Bank of Russia has decided to extend the following support measures through 2023:
1) Non-application of enforcement measures for a failure to register a payment system operator in the case of credit institutions’ compliance with the criteria stipulated by Part 39 of Article 15 of Federal Law No. 161-FZ, dated 27 June 2011, ‘On the National Payment System’ — until 1 July 2023.
This measure is extended as the correspondent relationship continues to transform, causing fluctuations in the amount of money transferred on correspondent accounts.
2) Non-application of enforcement measures against credit institutions for a failure to offer mobile applications to their clients enabling money transfers via the Faster Payments System, provided that they offer other remote banking systems for these purposes — until 1 April 2023.
