Starting this year, government agencies will be able to independently accept payments without the participation of banks connected to the Faster Payments System (FPS), reports the Russian Treasury. The government acquiring service will allow government agencies to avoid commissions charged by acquiring banks for processing transactions.
Under the new mechanism, if a government agency uses the Faster Payments System, credit institutions will not be involved in the process. In this case, the Treasury itself will act as the acquirer. Payments will go directly from the payer's bank to the Federal Treasury without intermediaries, which will significantly reduce costs. As a result, government agencies will be able to save up to 1.5% of the amount of each transaction, which is usually charged by the servicing bank.
The technology will be used to accept payments both offline, for example, in places where public services are provided, and online — through websites, mobile applications, and public service portals.
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