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Russian Central Bank plans to create new payment system in 2017 instead of BESP System

The new payment system will handle accounts directly through the payment processing network of the Russian Central Bank

Deputy Chairperson of Russian Central Bank Olga Skorobogatova Sergey Fadeichev/TASS

Deputy Chairperson of Russian Central Bank Olga Skorobogatova

© Sergey Fadeichev/TASS

ST. PETERSBURG, June 5. /TASS/. The Russian Central Bank in 2017 plans to launch a pilot project, creating a new payment system instead of the current BESP system (Banking Electronic Speed Payment), the Deputy Chairperson of Russian Central Bank Olga Skorobogatova said Friday at the International Banking Congress.

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"The current payment system was created decades ago. Of course, it has evolved, but it no longer meets the needs of market participants and banks. Therefore, the new payment system will handle accounts directly through the payment processing network of the Russian Central Bank. It will be created in 2017," she said, noting that the Central Bank is in the initial stage of the project.

According to Skorobogatova, the BESP System is currently working as an urgent payment for a single order, and register of payments would be more convenient for banks.

"It will be a completely new hybrid of urgent and non-urgent payments," she said.

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