The Faster Payments System is a Bank of Russia payment system service that allows making instant transfers by phone number and accepting payments via a QR code or a deep link, redirecting a user to the required page. The Faster Payments System facilitates money transfers: you can make and receive payments without excessive details, approvals, and long waiting times. Money transfers are handled in a matter of seconds.

In April, Bank 131 enabled companies to connect to the Faster Payments System. This tool allows sending and receiving b2c, c2b, and p2p payments without terminals and acquiring costs. Companies do not need the employees’ bank details to transfer money. All that is required is their phone number and bank name.

The Faster Payments System infrastructure helps transfer funds immediately. Moreover, a company can receive payments via QR codes or payment links with the Faster Payments System.