Neyva Bank will now be able to offer instant money transfers via mobile phones after joining Bank of Russia’s new Faster Payments Service (FPS).
The project to introduce the use of phone numbers as a token to perform transfers between recognised contacts of Neyva Bank’s account holders and other FPS member banks was completed with support from Compass Plus.
“We wanted to give our customers a better way to pay and as most people have access to mobile phones it seemed logical that this could be the best way to do so,” said Pavel Efremov, Deputy Chairman of the Board at Neyva Bank. “By providing access to the FPS via mobile we are transferring its timesaving benefits directly to mobile users who are now able to complete payments at the touch of a button, anywhere and at any time.”
This transformation of peer-to-peer payments has been made possible since the FPS was implemented in Russia by the Central Bank of the Russian Federation and the National Payment Card System (NSPK). A range of services including government payments such as taxes will be made available, with various Business to Business (B2B) and Business to Consumer (B2C) payments also to be added. Consumer to Business (C2B) payments will follow, enabling transfers from the consumer to the merchant using QR-codes.
“The phone number activation facility has been enabled outside of the International Payment System tariff policy in order to add a new, cost-effective dimension to payments,” said Irina V. Belova, Senior Sales and Account Manager at Compass Plus. “We value our relationship with Neyva Bank and its forward thinking and adaptable mindset when it comes to offering the latest services to customers.”