Bank account portability

2021: Russians will be able to receive transfers on old details when changing the bank

Russians will be able to receive transfers according to old details when changing the bank. The Central Bank of the Russian Federation spoke about the creation of a mechanism for the "portability of a bank account" in mid-April 2021 in its "Strategy for the Development of the National Payment System for 2021-2023 Years."

According to TASS with reference to this document, the service will provide funds to the recipient even when his bank details change when switching to service to another bank. According to the regulator, the simplified transition of the client to service to another bank will contribute to the development of competition in the payment market.

Alla Bakina, director of the department of the national payment system of the Central Bank of the Russian Federation, says that a tool that allows you to receive transfers according to old details in the event of a change in a credit institution will be primarily interesting to legal entities.

Russians will be able to receive transfers on old details when changing the bank

We have repeatedly heard from market participants that closing an account in one bank - first of all, legal entities are in question - and moving easily to another credit institution is a whole story. You need to notify all your counterparties that your details have changed. Still, there will be a sufficient number of negligent counterparties who will continue to send money on old details, "she said at a press conference.

According to her, now the Central Bank wants to work out a legal mechanism that will ensure the automatic transfer of incoming funds for some time, for example, a year, already according to new details.

When you switch to another bank, the company will leave new details. And the bank in which it was previously serviced will be able to automatically redirect the company's money according to new details, Bakina said. According to her, a bank that does not spend time investigating and returning money to the sender, and a recipient who can feel comfortable for a long enough time, wins here.^[1]

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