Faster Payments System

What is the Faster Payments System

In 2019, the Central Bank of Russia, in cooperation with the National Payment Card System, developed the FPS project—a faster payments system aimed at making money transfers as simple and accessible as possible for all individuals.

Users making interbank transfers used to face the issue of funds taking 3 to 5 days to reach the recipient. The procedure itself was inconvenient, as it required the sender to fill out the recipient's bank details. The essence of the FPS is precisely the instant crediting of money to a bank user's account using their phone number.

How to connect to the Faster Payments System

The procedure for connecting a user to the Faster Payments System may vary across chosen institutions. Therefore, let's examine this issue using the largest banks in Russia as examples.

Sberbank

Unlike many other banks, Sberbank does not have FPS transfers enabled by default, so you need to activate the service beforehand. You can do this in the Sberbank mobile app by following these steps:

1. Log in to the app.
2. Log in to your profile by tapping the circular avatar in the upper left corner of the screen.
3. Open the "Settings" menu, then "Faster Payments System" under the "Other" section.
4. Check the box for "I give consent to the processing and transfer of personal data to Sberbank PJSC" and click "Connect".
5. In the window that appears, click the "Connect" button again.

Now, by opening the "Payments" menu and scrolling to the very bottom, the user can make a transfer via the FPS by specifying the phone number and the recipient's servicing bank.

Alfa-Bank

Using the Faster Payments System in Alfa-Bank also requires manual activation. You can enable the Fast Payment service in the same way as with Sberbank:

1. Open the app.
2. Open your profile.
3. Select the "Settings" menu, then "Agreements" and "Faster Payments System".

To use the service, select "Transfers to other banks" in the "Transfers" menu and specify the recipient's phone number, bank, and payment amount.

VTB

In VTB Bank, the Faster Payments System is enabled by default for outgoing transfers. To ensure that incoming FPS transfers are also credited primarily to this bank's card, follow these instructions:

1. Log in to the bank's mobile app and open the "Other" section.
2. Find the line "Transfers by phone number".
3. Click "Make VTB primary".

To make a payment via the FPS, select "Transfers to people", then "By phone number". Enter the mobile phone number and the recipient's servicing bank.

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How the FPS works

The Faster Payments System works as follows:

1. The sender selects the FPS money transfer service in their mobile bank account and enters the recipient's phone number as the payment detail.
2. The system searches for the recipient's accounts regardless of their servicing bank.
3. The FPS then provides the transfer data to the credit institution servicing the recipient.
4. The recipient bank, in turn, credits the funds to the user's account.

Which banks are connected to the Faster Payments System

In 2021, more than 200 Russian institutions joined the FPS. Among them are:

1. AB ROSSIYA.
2. Absolut Bank.
3. Avangard.
4. Avtogradbank.
5. Avtotorgbank.
6. AGROPROMKREDIT.
7. Asia-Pacific Bank.
8. Ak Bars Bank.
9. JSC Derzhava.
10. JSC EUROFINANCE MOSNARBANK.
11. JSC Primorye.
12. JSC Slavia Bank.
13. Tender Bank
14. CentroCredit Bank
15. AKIBANK
16. AKTIV BANK
17. Alef-Bank
18. Almazergienbank
19. Alfa-Bank
20. American Express Bank
21. Aresbank
22. Baltinvestbank
23. Avers
24. Agroros
25. Akcept
26. Aleksandrovsky
27. BKF Bank
28. VBRR Bank
29. Venets
30. Vozrozhdenie
31. DOM.RF
32. Yekaterinburg.
33. Zarechye
34. Zenit
35. Intesa
36. IPB
37. ITURUP
38. Yoshkar-Ola
39. Bank of Kazan
40. Kremlin
41. MBA-MOSCOW
42. MOSCOW-CITY
43. United Capital
44. ORENBURG
45. PSKB
46. Razvitie-Stolitsa
47. Round
48. Russian Standard.
49. Saratov.
50. SGB
51. SKS
52. Snezhinsky
53. SOYUZ
54. URALSIB
55. Finservice
56. Belgorodsotsbank.
57. BCS Bank.
58. Bratsky ANKB.
59. BystroBank.
60. Vesta.
61. VLADBIZNESBANK.
62. VNESHFINBANK.
63. VTB.
64. VUZ-Bank.
65. Gazprombank.
66. Garant-Invest.
67. GENBANK.
68. Geobank.
69. GORBANK.
70. GT Bank.
71. GUTA-BANK.
72. Dalnevostochny.
73. Databank.
74. J&T Bank.
75. Deutsche Bank.
76. Zapsibkombank.
77. Zauber Bank.
78. Zemsky.
79. IK Bank.
80. Inbank.
81. EURASIA.
82. INTERPROMBANK.
83. ISBANK.
84. CB AKROPOLIS.
85. CB Vostochny.
86. CB IM Bank.
87. CB KOLTSO URALA.
88. CB Novy Vek.
89. CB Poidem!.
90. CB RostFinans.
91. CB SOLIDARNOST.
92. CB Stroylesbank.
93. CB Hlynov.
94. CB UNISTREAM.
95. KOSHELEV-BANK.
96. Credit Europe Bank.
97. Kredit Ural Bank.
98. Crocus-Bank.
99. KS BANK.
100. Kuban Credit.
101. Kubantorgbank.
102. Kuznetskbusinessbank.
103. KEB HNB Bank.
104. Lanta-Bank.
105. Levoberezhny.
106. LOKO-Bank.
107. MB Bank.
108. INTERNATIONAL FINANCIAL CLUB.
109. Mateoinvestbank.
110. METCOMBANK.
111. MinBank.
112. MKB.
113. Modulbank.
114. MONETA.
115. MORRISON BANK.
116. MOSCOMBANK.
117. Moskommerçbank.
118. MOSOBLBANK.
119. MS Bank Rus.
120. MSP Bank.
121. MTS Bank.
122. Natsinvestprombank.
123. Natsionalny Standart.
124. NBD-Bank.
125. Neiva.
126. Nefteprombank.
127. NIKO-BANK.
128. NK Bank.
129. MOBI.Dengi RCO.
130. NSD RCO.
131. YooMoney RCO.
132. NOVICOMBANK.
133. Novobank.
134. NOKSSBANK.
135. Norvik Bank.
136. NS Bank.
137. Otkritie.
138. OTP.
139. Pervy Investitsionny.
140. Platina.
141. Plus Bank.
142. Pochta Bank.
143. Primsotsbank.
144. Prio-Vneshtorgbank.
145. ProBank.
146. Promsvyazbank.
147. Raiffeisenbank.
148. RGS.
149. Realist.
150. Renaissance Credit.
151. RESO Credit.
152. RNCB.
153. RNKO Dengi.Mail.Ru.
154. RNKO Payment Center.
155. RNKO RIB.
156. Rocketbank QIWI.
157. Rosbank.
158. RosDorBank.
159. Russian Agricultural Bank.
160. RUSNARBANK.
161. Russian Financial Society.
162. Rusuniversalkonk.
163. Saint Petersburg.
164. SAROVBIZNESBANK.
165. Sberbank.
166. SDM-Bank.
167. Northern National Bank.
168. Cetelem Bank.
169. Sibsotsbank.
170. SINKO-BANK.
171. Citibank.
172. SKB-Bank.
173. SMP.
174. SNGB.
175. Sovcombank.
176. Solid Bank.
177. SOTSIUM-BANK.
178. Tavrichesky.
179. TATSOTSBANK.
180. Timer Bank.
181. T-Bank.
182. Toyota Bank.
183. Tolyattikhimbank.
184. Tomskpromstroybank.
185. Tochka FC Otkritie.
186. Transkapitalbank.
187. Transstroybank.
188. UBRiR.
189. Uglemetbank.
190. Ural FD.
191. URALPROMBANK.
192. FINAM.
193. FORA-BANK.
194. Forshtadt.
195. Khakassky Municipal Bank.
196. HCF BANK.
197. Center-invest.
198. China Construction Bank.
199. CHELINDBANK.
200. CHELYABINVESTBANK.
201. Ekonombank.
202. Expobank.
203. Elplat.
204. Energobank.
205. Energomashbank.
206. Energotransbank.
207. SBI Bank.
208. UniCredit.
209. WebMoney.

Pros and Cons of the Faster Payments System (FPS)

The system's advantages include the following:

• convenience of transfers, since with the FPS the user does not need any details other than the recipient's phone number;
• low system commission — if the monthly transaction amount does not exceed 100,000 RUB, there is no transfer fee, otherwise it is 0.5% of the transaction amount, but not more than 1,500 RUB;
• ability to use FPS services 24/7;
• instant crediting of funds to the account;
• simplicity of transfers — to use the system, the user does not need to install additional applications.

The Faster Payments System also has its drawbacks:

• since not all Russian banks are FPS participants, you will not be able to send money to absolutely any user — it is important that the service is provided by both institutions (both the sender and the recipient);
• the maximum transfer amount cannot exceed 600,000 RUB;
• it is impossible to recall or cancel a transfer, so in case of an error, the sender will have to contact their bank.

Frequently asked questions

Finally, let's answer the most common questions about the operation of the Faster Payments Service.

What is the difference between the FPS and other money transfer services?

There are two differences: firstly, to urgently transfer money via the FPS, the user does not necessarily need to know the recipient's payment system details. A phone number is enough for the transaction. Secondly, the transfer via the system is instant, whereas through other services it can take up to 5 business days.

Are there limits on transfers?

Currently, the maximum amount for a single transaction must not exceed 600,000 RUB. This limit is stipulated by current legislation. At the same time, the banks participating in the system may impose additional restrictions on operations.

Does the system charge a fee for transfers?

Transactions whose amount does not exceed 100,000 RUB per month are not subject to an additional fee. For transfers exceeding this limit, the sender will have to pay 0.5% of the total transaction amount, but not more than 1,500 RUB.

What is required to complete the transaction?

To make a successful transfer, the sender only needs to know the recipient's phone number and their servicing bank.

What to do if money was sent but did not reach the recipient?

In this case, the sender needs to contact their bank.

Is it possible to get a refund for an erroneous transaction?

To resolve this issue, you need to contact the sending bank. The outcome depends entirely on the institution's goodwill. However, banks more often refuse the sender's request, leaving the recipient with the right to return the money voluntarily.