Credit organizations will be required to disclose terms and changes… (кредитный · организация · условие)
Credit organizations will be required to disclose terms and changes to service conditions (not only payment-related ones as in the first reading), including transfer conditions via SBP, as well as terms for providing, using, and accepting electronic payment instruments.
Consensus
- The Russian Council of Federation approved a law requiring credit organizations to disclose conditions for payment services.
- The law requires disclosure of conditions for transfers through the System of Fast Payments (SBP).
- Information must be made available in service locations and on official websites of credit institutions.
- The law will come into force on September 1, 2027.
Points of divergence
- The law obliges credit organizations to disclose information about the conditions for transfers through the Bank of Russia's fast payment system. — vesti
- The law expands disclosure requirements beyond payment services to include terms for provision, use, and acceptance of electronic payment instruments, excluding e-money used for transferring electronic funds. — interfax
- The mechanism of regulation has changed: instead of the Central Bank setting standards, they are now established by the Committee on Standards of Credit Organization Activities, created in May 2024 and including representatives from the Central Bank, Ministry of Finance, and credit industry associations. — interfax
- The law was introduced to the State Duma in December 2024 by a group of lawmakers, including Anatoly Aksakov and Nikolai Zhuravlev. — interfax
Coverage (2 sources)
- The Federation Council approved a law requiring credit organizations to disclose transfer conditions — Вести
- The Federation Council supported the obligation for banks to disclose conditions of transfers via SBP — Интерфакс