FinTech Association Launches Fast Payment System Prototype in March

Published on 28 Feb. 2018
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Banks-members of FinTech Association are testing the prototype of the new Fast Payment System. The old payment mechanisms in Russia don’t satisfy the main requirements of the users in perspective of the rapid development of innovative technologies.

The goal of the project is the development of the payment services market, elimination of inter-bank barriers during the individual transfers, creation of conditions for implementation of high-tech financial services, and increasing the use of non-cash payments.

In perspective, the new fast payment system will offer clients quick and convenient transactions for individuals.

The creation of prototype was approved by the FinTech Association council at the end of December 2017. The development proceeded according to functional requirements, worked out by the Association members. The system will have significantly higher possibilities of scalability and function adaptation according to the most demanding users and banks – as compared to the “card” standard ISO 8583.

The testing will have several stages, and we plan to finish the trials and formulate the results to the end of the first half-year of 2018. After that, we will start a full-scale creation of the industrial system,

- comments FTA director Tatiana Zharkova.

FinTech Association that develops and implements new technological solutions for the digitalization of the Russian economics has recently joined the committee on standardization of the blockchain technology of Rosstandard “Software and hardware means of distributed ledger and blockchain technologies.” It will consider the interconnections of interested organizations for creating single technological approaches to using informational systems of the distributed ledger and “Masterchain” platform.

Also, at the beginning of December last year, the members of FinTech Association discussed the proposition of the Russian Bank on the creation of the regulative platform – “sandbox” – for the approbation of innovative financial technologies and services. 


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