One of the largest banks in Russia, Ural Bank for Reconstruction and Development (UBRD), has become the latest financial institution to offer customers real-time P2P payments after joining the Russian Faster Payments System (FPS). UBRD customers can now instantly transfer money using just a mobile phone number to customers of other member banks.
UBRD drafted in its trusted partner Compass Plus to help it integrate its mobile banking app with the FPS, due to the reliability and professionalism that has been repeatedly demonstrated by the software provider’s team.
"We were delighted to provide our expert support and proven technologies to connect the Ural Bank for Reconstruction and Development to the FPS. This project has shown the high technological readiness of UBRD to implement the most innovative programs," said Irina Belova, Senior Sales and Account Manager at Compass Plus.
In the near future, the bank is planning to expand its offering by launching C2B payments within FPS. The new service will enable consumers to make transfers to merchants using QR codes.
“UBRD is constantly working to improve its remote service channels, so that even in today's difficult conditions, it is easy and convenient for customers to manage finances. The bank’s mobile application now allows you to instantly transfer money to relatives, friends, and acquaintances by phone number through banks participating in the Faster Payments System,” says Denis Dergachev, head of the UBRD transaction business.
During the 20 years of cooperation with UBRD, Compass Plus has repeatedly proved its reliability and expertise.