Neyva Bank joins Russia’s FPS with Compass Plus

16 March 2020

Russia-based Neyva Bank has joined the Bank of Russia’s new Faster Payments Service (FPS) in a bid to provide instant money transfers via mobile phones. The project is expected to boost the use of phone numbers as a token for initiating transfers between recognised contacts of the Bank’s account holders and other FPS members with Compass Plus‘ support.

“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. 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,” said Pavel Efremov, Deputy Chairman of the Board at Neyva Bank.

The FPS was implemented in Russia by the Central Bank of the Russian Federation and the National Payment Card System (NSPK). Recently, Russia-based Credit Ural Bank (CUB) reportedly became the first bank in the region to join the Faster Payment System (FPS) for enabling the customers to use mobile phones for payments in collaboration with Compass Plus.

“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.”

Compass Plus provides integrated and flexible payments software and services and aims to build and manage e-payments systems.

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