Fintech-digest: SWIFT will continue to work in the Russian Federation; VISA will allow transferring funds by phone number, expensive biometrics

    Hi, Habr!

    News from the world of Fintech in a week has gathered such:

    • Banks complain about the high cost of a new biometric system;
    • Visa launches a money transfer service in Russia by phone number;
    • SWIFT remains to work in Russia;
    • Bitcoin rate in Iran exceeded $ 26,000.

    Banks and biometrics

    Figure: Victor Chumachev / Kommersant

    In a recent digest we wrote that a single biometric system is starting up in Russia, which makes life easier for both banks and their customers. In order to join this system, a list of basic elements is necessary. They are needed to collect biometric data and transfer them to the Unified biometric system.

    As it turned out , the minimum cost of connecting to such a system of a bank with one branch is approximately 4 million rubles, each new branch will cost another 130 thousand. And it’s just impossible to avoid expenses - the fact is that by the end of 2019 the system should start working in all branches of all banks.

    True, those organizations that do not work with the population will be spared from this duty (although the probability of this is not 100%).

    Of the 3 million rubles mentioned above, one and a half million will go to cyber defense (the HSM module costs exactly that), the rest is required to pay for the equipment to remove the data and send them to the EBS. Plus, when connecting for work on setting up the equipment, certification of the EBS system, development of a threat model and a violation model, about 1.2 million rubles is still needed. Quite a lot, so even non-poor banks are not too happy.

    Visa launches money transfer service by phone number.

    The other day Visa payment system announced the launch of a service in the Russian Federation that allows money transfers from card to card by phone number. A 16-digit card number is not required. The service is planned to be implemented in the Samsung Pay application using tokenization technology.

    Instead of card data, a token is used.

    Each token is unique because it is generated for a specific device and cannot be used separately from it, which makes it useless to intercept such data by attackers, increasing the security of the payment service,
    - stressed in Visa.

    In addition to Visa, the Mastercard payment system also connected to the Samsung Pay service. In April, this company has already announced the launch of a similar service.

    As for card transactions, the write-off and crediting will be carried out by VTB Bank, as well as the processing company Multicard. Transfer fee is about 0.9% of the amount transferred.

    SWIFT in Russia is not turned off, but the Central Bank can develop its own blockchain analogue

    Olga Skorobogatova, First Deputy Chairman of the Central Bank, stated that Russia was not threatened with disconnection from the SWIFT system. It is unprofitable to participants of world trade. However, in Russia a system can be created for the transfer of cross-border messages and calculations based on a distributed registry.

    The Central Bank of the Russian Federation is testing the capabilities of the SPFS financial reporting system, which has already been joined by 400 participants, including banks, treasuries and legal entities.

    Now we are giving the opportunity to connect to this system and non-residents - both banks and legal entities. In the future, in terms of the development of cross-border space, we can talk about using the technology of distributed registries to create a new messaging and settlement system, but this should be done only in collaboration with other countries,
    - Skorobogatova emphasized.

    Bitcoin rate rose to $ 26,000 ... on the Iranian stock exchange

    In Iran, in the wake of the popularity of cryptocurrency and mining, the Bitcoin rate rose to $ 26,000 in just a few hours. The fact is that in this country the economy is in a crisis state for a long time, and cryptocurrencies are used as a “safe haven”.

    The Iranian real is gradually devaluing against the dollar, and the citizens of the country use various opportunities to preserve their capital.

    A similar trend is observed in countries such as Venezuela, Argentina, Colombia and Turkey.

    Also popular now: