UPDATE: CEO: Sberbank to connect to rapid payment sys, but after Oct 1

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VLADIVOSTOK/MOSCOW, Sep 5 (PRIME) -- Russia’s top lender Sberbank has decided to connect to the central bank’s rapid payment system, but will not be able to do this from October 1 due to the need for numerous improvements by both sides, CEO German Gref said on Thursday.

The central bank launched its rapid payment system for banks in February, it includes the possibility of transferring money knowing only the phone number of a recipient. Sberbank opposed joining the system for a long time and is developing own system of money transfers.

“A decision on joining has been made, we will start the process of connection. But we will certainly not be able to connect on October 1 physically, because this requires a big number of improvements both on our side and by the rapid payment system. That’s why dialogue is being held now, terms are being determined,” Gref said.

The central bank said that all systemically important banks should join the rapid payment system by October 1 and the regulator will fine those who fail to do this on time.

“…All systematically important credit organizations should join the rapid payment system by October 1 of this year. The terms are unified for all participants of the financial market. Market participants had enough time to join the rapid payment system by this time. All necessary documents were available since November 2018,” the regulator said.

Gref said that sanctions and fines should be imposed on those who set a mandatory period for connection to the rapid payment system by October 1 without discussing it.

“So we will be fined, it is simply impossible to do it. I think that those who set such terms without discussing with anyone should be fined,” he said.

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