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. Last Updated: 07/27/2016

Central Bank Tech

The Central Bank is seriously determined to improve the quality of the nation's payment system as of Jan. 1, 1999. Currently, it can take up to several days to transfer funds from one bank to another. State of the art communications equipment -- which does not come cheaply -- will be needed in order to allow interbank payments to be conducted in real time. ...

A base tariff of 2,000 rubles is charged for every payment document. The charges for making payments through the old paper-driven system will be raised to exceed the base tariff, while those for using the electronic system will fall below [the base tariff]. In this way, the Central Bank hopes to encourage payment system participants to make the changeover.

Izvestia, Jan. 25