CBR: Faster Payments System (FPS) to introduce pull transfers between client's own accounts - The Industry Spread

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CBR: Faster Payments System (FPS) to introduce pull transfers between client’s own accounts

July 11, 2020

The new service will allow clients to pull funds from their accounts. It will be a convenient way to collect a certain sum in one account to repay a loan or to make a large purchase online or in the store. It is easier than to open multiple bank apps and make transfers: the client can simply open the Faster Payments System (FPS) window in the app of the bank, which maintains the account that will be used to collect money, and make requests to pull the funds from accounts in other banks, all in a single window.

The very first pull transaction was conducted between accounts in two banks participating in the FPS. From now on, banks will start setting up their systems to make this service available to all clients.

In the future, the service will include transfers between accounts belonging to different people.

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