YEREVAN, October 14. /ARKA/. Armenia and Kazakhstan may become new destinations for cross-border money transfers through the Rapid Payments System (RPS), two sources in the payment market told Russian daily ‘Izvestiya’.
One of them said that Russian banks are testing their interaction with the national clearing service center (NCSC), which, in turn, adjusts work with foreign systems.
According to the source, the options for money transfers to other EEU countries are being considered. However, now the work with Armenia and Kazakhstan is only at the initial stage of negotiations, the other source said.
A pilot project on cross-border money transfers through the RPS, which involves the interaction of the two countries’ systems is planned to start running at the end of 2022, said the Bank of Russia to “Izvestia”.
Money transfers through the RPS to Belarus will be tested first, two sources in the payment market told “Izvestia.
The RPS clearing center told “Izvestiya” that the NCSC together with the Central Bank and several other banks continue to work on the launch of cross-border money transfers.
Four major credit institutions – VTB, PSB, Sinara and Novikombank – have confirmed their participation in the regulator’s pilot project to ‘Izvestia’. Russian Standard Bank is planning to introduce this service in the future.
In July, Tinkoff became a provider of cross-border money transfers for the RPS by phone number, the bank reminded “Izvestiya”. The credit institution explained that the transactions are made in rubles with conversion into the national currency by the receiving bank.
VTB plans to conduct the first trial operations by the end of the year, the credit institution said, adding that the launch of the service for customers is expected later after the certification of the solution. -0-
