Russian payment systems

VTB says it will broaden its support for projects involving automation and robotics among Russian businesses. The bank's announcement comes amid a wave of banking-sector news in Russia, including forecasts of growing transfers via the Faster Payments System and Sber's application to the Central Bank for digital depository status. Attention on VTB is focusing on how the lender plans to back companies investing in process automation.

Russian analysts predict that the volume of money transfers made through the Fast Payment System (SBP) will continue to grow. The system, run by the Bank of Russia, allows instant transfers between bank accounts using phone numbers, and its popularity has risen as a low-cost alternative to traditional bank transfers. Experts attribute the expected growth to increasing user adoption and expanded services.