The Supervisory Board of FinTech Association (Russia) approved the development concept for a platform of instant retail money transfer. Head of the corresponding area of focus Alexey Rasskazov told RBC about the board’s decision.

“The objective is to advance the market of paid services, remove interbank barriers for payments by individuals, and create conditions for introduction of high tech financial services,” he said.

In particular, the transfers will be implemented in several ways: person to person, me to me, and person to company via the bank’s mobile app or website.

The association intends to use a simple identifier such as phone number, e-mail, social network ID to secure the sender and receiver. At the first stage, tax identification number (TIN) can be used as identifier for a company.

Members of the FinTech Association, which was founded with support from the Central Bank of Russia and now unites a number of largest Russian banks, already started working on the pilot platform. It will be realized with funding from the association itself. The project’s implementation will take six months.

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