Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

New System to Speed Up Cash Transfers

The Central Bank has created a new system to make payment transfers between banks faster and more efficient, Chairman Sergei Ignatyev said Thursday.

The "real-time gross settlements system" will start operating Monday to enable banks to transfer payments within minutes instead of days, Ignatyev told reporters.

Joining this system, which was five years in the making, will be voluntary. Lenders can still use the old system of transfer payments, which normally requires one business day for a bank transfer from one region of the country to another, Ignatyev said.

The real-time system will probably reduce paperwork and the Central Bank's costs, analysts said.

"The creation of the system is a good development all around,'' said Anton Tabakh, a senior analyst at UralSib. "Bank checks aren't used in Russia."