Credit Ural Bank has become the first local bank in the Chelyabinsk Region to join the Fast Payment System (FPS). The bank’s entry into the FPS will enable its customers to make payments using their mobile phone numbers as a token.

“By joining the FPS we are not only speeding up the time it takes for our customers to make transfers, but also significantly simplifying the process for them,” said Sergey Posadsky, Deputy Chairman of the Board at Credit Ural Bank. “Everyone has access to their phones around the clock so by adding this as means to transfer funds we are offering something that will be welcomed widely.”

As the first bank in the region to join the FPS, the project, completed with support from Compass Plus, will provide an easy-to-use and secure payment tool to speed up transfers between individuals. Transfers will be made possible via mobile phones with Credit Ural Bank offering the service through its CUB-Direct and CUB-Mobile payment applications.

“Within the FPS, funds are instantly credited and debited from the accounts and it is a service that operates 24/7, all year-round,” said Alexey Osipov, Executive VP & MEA Managing Director at Compass Plus. “An additional bonus of the new solution is transfer fees at a lower rate when compared to interbank card transfers, leading to a more competitive service using the FPS.”

Using the National System of Payment Cards (NSPK) as an operational centre, Credit Ural Bank intends to develop the solution further this year to introduce Consumer to Business (C2B) services.