Banks have warned the Central Bank and the Ministry of Finance about the likelihood of creating new payment players

NSFR is an independent association established in 2013, its tasks are expert and legal work, preparation of opinions on draft regulations and drafting of bills. Therefore, they began to worry about the actions of non-bank payment service providers.

Banks have become aware of the risk posed by non-bank payment service providers (NPSPs). It is known that they will be able to process customer payments just like credit institutions. Aksakov replied that the creation of the NPPU Institute would be discussed in September. The Bank of Russia reported that this initiative is supported by the majority of payment service providers.

The law on non-bank payment service providers was submitted to the State Duma in July 2024. It is intended to lay the groundwork for their regulation. Providers of such services will be able to carry out fund transfers only after information about them is included in the Central Bank’s register.

One of the main conditions for the inclusion of an NPPU in the regulator’s register will be compliance with qualification requirements, as well as business reputation and financial situation. In addition, these organizations must not violate laws relating to money laundering.

After the Bank of Russia raised the key interest rate to 18% per annum, Anatoly Aksakov said that the Central Bank of the Russian Federation will continue to maintain it under the current conditions, taking into account the expected slowdown in inflationary processes.