The law on financial marketplace adopted by the State Duma of the Russian Federation

Until the end of the year in the financial market can be a new service — a system of “Marketplace” that will enable citizens to open deposits in several banks around the clock without leaving home. The law “On conducting financial transactions using a financial platform” and consequential amendments to existing legislation adopted by the State Duma in the second and third readings.

With the launch of “Marketplace” for banks, insurance and other financial companies regardless of their size opens an additional channel for attracting new client base. Moreover, the use of platform solutions will reduce costs not only to attract, but also on customer service. Citizens, in turn, will have a reliable access to a wide range of financial services 24 hours a day, regardless of their location.

The interaction of consumers and suppliers of services will occur on the financial platforms that will conduct operations in compliance with the requirements on information security. By law, all operators must be included in the special register of the Bank of Russia. To check whether the operator is in this registry that will be on the website of the regulator.

To work on the platform the customer should register on it, after which he will be able to open deposits, to buy other financial products in all connected banks, insurance companies and so on. For example, can be collected in a “basket” on the financial platform several deposits in different banks and transfer money in one click.

High reliability — one of the advantages of the “Marketplace” — provides including the Registrar, financial transactions, where legally relevant information on executed on platforms deals. Information will be available to customers in the personal Cabinet on the website of public Services online.

Through the “Marketplace” at the first stage will be available Bank deposits, securities, and insurance products, in the future the line will be expanded including through loan products.

“The development of online services is the main trend in the financial industry, and the marketplace is the next level of services, when the customer through a single application has access not to one Bank, and to many. The regulation changes two things: it creates a trusted environment, and to improve the client journey,” — said the first Deputy Chairman of Bank of Russia Sergey Shvetsov.

The initiator of the project “Marketplace” was organized by the Bank of Russia at the end of 2017. The main task of the regulator was to prepare proposals for the creation of a regulatory framework for the project.

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