RUSSIA: MOEX, NAUFOR and NSPK Present New Payment Scheme for Stock Market Participants

Thursday May 23 2019

The Moscow Exchange (MOEX), the National Association of Stock Market Participants (NAUFOR) and the National Payment Card System (NPCS) presented a new payment scheme based on the Fast Payment System (CPS), which will allow clients of professional stock market participants to instantly transfer funds to brokerage accounts trust management using the billing system in the user’s (client’s) Internet bank.

Connection and interaction of brokers with the settlement infrastructure of the SBP in the new payment scheme will be implemented through the API interface. Private investors will be able to transfer funds by creating an account in their account on the website or in the brokerage company’s mobile application and confirm the payment through their bank’s mobile application.

It is expected that this service will be available to customers until the end of 2019.

The coordination of the development of the new system is carried out by the Moscow Exchange and NAUFOR. The technical base is developed by NSPK and the FinTech Association.

Click on the above link for further information.