Sberbank’s service is first to pass piloting of Bank of Russia’s regulatory sandbox

17.08.2018, Moscow
  • Sberbank has presented a service that helps to remotely control permissions to carry out transactions using corporate client accounts.
  • The Bank of Russia and expert councils regard the introduction of the service as viable.

 

17 August 2018, Moscow – Sberbank’s service that helps remotely control permissions to carry out transactions using corporate client accounts has become the first service to successfully pass the piloting in the regulatory sandbox of the Bank of Russia. Putting the service into industrial use will significantly reduce expenses on client coverage.

The piloting was carried out by professional associations of participants of the financial market and interested state bodies. The Bank of Russia and expert councils that are created under the regulatory platform have made recommendations and recognised the introduction of the service as viable.

Deputy Chairman of the Executive Board of Sberbank Anatoly Popov:

“We prioritise the quality of services that are provided by Sberbank to corporate clients and aim to make them easier and more user-friendly. At the same time, there are several regulatory issues that can be solved only by working together with the regulator. The fact that our project was the first one to be approved by the Bank of Russia and will be used in the interests of the whole Russian banking sector is very optimistic. I think that together we can create more efficient schemes of interaction with clients in many different areas.”

The regulatory sandbox of the Bank of Russia was launched in April 2018. It is the mechanism for piloting new financial services and technology that demand changes to legal regulations. The use of innovative financial services, products and technology is modelled in the platform. As the result of piloting, a financial service or technology can be approved with subsequent drafting of needed legal basis to introduce them or the initiative can be recognised as inviable. Any organisation that has developed or plans to use an innovative financial service or technology can initiate the piloting on the platform. To do this, the initiating company must send the request to the Bank of Russia. More than 20 requests, from financial organisations, fintech companies and others, have already been sent to the regulatory sandbox of the Bank of Russia. Projects related to digital financial assets and introduction of new technology are preparing for the testing.