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Loans are now available through Fast Payment System
Addressing the FinAdTech conference with his report “Using the Faster Payment System for Issuing Loans”, Alexey Lutsenko, Head of Retail Business Development at Sinara Bank, informed about the possible use of FPS for microfinance organizations insofar it concerns B2C and C2B transfers.
“This is another one of the multiple facets of the Faster Payments System that is widely available now and gaining popularity. Customers have already got used to the fact that FPS is not just transfers by phone number to a bank account,” he said.
Alexey Lutsenko notes that many people are already frequent users of QR-payments in the FPS, which have demonstrated a threefold increase since the beginning of the year.
“On the part of banks, the opportunities are also getting new dimensions, the familiar landscape is changing. The FPS allows both the issuance of a loan to a client by financial and microcredit institutions, and its repayment without the need to link a card. The capabilities of the FPS help significantly reduce risks for microfinance organizations, because the system involves never-failing verification of the loan recipient,” said Alexey Lutsenko.