Russian DIA Plans to Enable Reimbursement via the Faster Payments System (SBP)

The State Corporation “Deposit Insurance Agency” (DIA) plans to expand the channels for depositor payouts. Today, reimbursement can be received via account details, by the “Mir” card number, in cash, or by postal money order. The Head of DIA also announced that starting from January 2027, the Agency will begin operating in a new segment of the financial market for itself as part of protecting retail investors. On December 17, 2024, the State Duma passed a law in its third reading on the creation of a system for guaranteeing rights under life insurance contracts. DIA will guarantee compensation under such contracts for up to 2.8 million rubles, and for the risk of death, up to 10 million rubles.

“Together with the Bank of Russia and the National Payment Card System, we want to launch a fifth method of receiving insurance—through the Faster Payments System. If such a convenient tool exists, it must be used for the development of the deposit insurance system.”

Andrey Melnikov, General Director of DIA, at the X Banking Law Conference “Banking Law in Russia: Charting the Course” on December 18, 2024. 

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The Faster Payments System (SBP) is a 24/7 service of the Central Bank of the Russian Federation that allows for instant money transfers between accounts at different banks using a mobile phone number, paying for purchases, services, and taxes, as well as performing other transactions.