MOSCOW, November 10. /TASS/. The Bank of Russia is considering two methods of making money transfers overseas through the Faster Payments System (FPS), department director of the national payment system of the Bank of Russia told reporters at the Finopolis forum.
"We are working on an international track with partners for a faster payment system. We have several mechanisms in place: one is an intersystem interaction; if a country already has a certain counterpart, the intersystem integration will be done. Another method is through individual participation, when a foreign bank supports interaction among bank clients via an FPS participant. Both scenarios are ready on our side. Their implementation will continue as foreign partners get ready," Alla Bakina said.
Both existing solutions and fundamentally new ones and their combinations are considered when working on the implementation of cross-border payments, she said. "We are not eyeing replacing national payment systems with some multinational or international ones. The market is more likely to consider fundamentally new innovative solutions, not linked to the use of specific tools, but rather a combination," Bakina added.