Electronic Payment Service (NPO)

History

2021: Revocation of the license of the Central Bank

On April 9, 2021, the Central Bank of the Russian Federation announced the cancellation of the license from the non-bank credit institution (NPO) Electronic Payment Service (EPS), which is the operator of the RBK.Money.

The basis for the cancellation of the license from NPO EPS (LLC) was a petition from a credit institution sent to the Bank of Russia in connection with the decision of the general meeting of participants on its voluntary liquidation, the regulator said.

In a conversation with RBC, the representative of RBK.Money announced the futility and inefficiency of the development of the payment business through NGOs in the modern market.

Central Bank revoked the license of the organization "Electronic Payment Service" (EPS)

Given the external circumstances, the way the market develops, the current competition, the payment business will inevitably consolidate around large players - banks that have at least a universal license that allows providing a wider range of payment services, not limited to transfers without opening bank accounts, "he said.

The representative of the payment system added that the license for banking operations only "tied hands and slowed down the development of the service rather than giving any advantages." After canceling the license, the company intends to concentrate on IT services and "will continue to work in the payment market as an IPSP, Internet Payment Service Provider, which provides the entire payment infrastructure, but does not conduct settlements." In particular, RBK.Money is going to develop payment processing based on open source software.

NPO is not a member of the deposit insurance system and does not store the money of individuals. The credit institution has sufficient property to satisfy the claims of creditors, the report says. As of March 1, 2021, Electronic Payment Service ranked 379th in the banking system of the Russian Federation.^[1][2]

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