Russia’s National System of Payment Cards (NSPC) is set to commence test operations on 15 December 2014.
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Eight Russian banks including Alfa-Bank, the Ural Bank of Reconstruction and Development, Gazprombank, and Rosbank, which are sanctioned by the US, United Nations or Western allies, will initiate the testing of the new electronic funds transfer service, reported Sputnik International.
The NSPC with the aim to become fully operational in the first quarter of 2015 will initially handle operations with bank cards which make use of the international payment systems.
The service will process all Visa and Mastercard transactions from 2015 apart from issuing its own cards in December next year.
Vladimir Komlev, director general of NSPC, said: "These banks have been chosen due to their location, their volume of money transfers, and the technology platform they operate on. There are logistical differences between operating the system within Moscow and doing so in other Russian regions."
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