Russian media reports said on October 31 that the Central Bank of Russia has registered the non-bank lending organization Inkakhran, which is a subsidiary of the Credit bank of Moscow (CBoM), as the operator of the new payment system, Astrasend.
Izvestiya said that according to the report posted on the Russian financial regulator’ website, Russian citizens will be able to transfer funds both abroad and inside the country with the use of the new payment system. Money transfers can be made in dollars and rubles.
The list of countries available for money transfers via the new payment system is to be published this month.
TASS, citing documents posted on the payment service’s website, also reported on October 31 that the payment system will make domestic and international transfers.
Meanwhile, Kommersant reported on October 31 that the new payment system is not going to operate inside Russia.
Citing a source in Russia’s payment market, Kommersant said that Astrasend has already had concluded agreements with a number of banks from the near abroad countries (CIS member nations. According to the sources, Astrasend has decided to focus on cross-border money transfers for two reasons: 1) it is quite difficult to compete with Sberbank (Savings Bank) and the Central bank of Russia within the country; and 2) there is a great demand for transfers abroad.
Besides, the source noted that after the exit of a number of large money transfer systems, particularly Western Union, “it became possible to assembly a team of high-quality specialists.”
Astrasend has become the second system registered by the Bank of Russia in 2022. The first one, Hello, appeared in the registry in April this year. Hello serves as a clearing and operations center for payments and transfers, the Vedomosti publication said.
