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Swift Approvals Imminent

Russia's Central Bank publishes plan for banks and lenders to gain real-time access to citizens' official income data by 2026. This data will provide lenders with a clearer picture of borrowers' income levels and enable the regulator to better manage debt risks on citizens. The implementation...

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Expedited Approval
Expedited Approval

Swift Approvals Imminent

The Bank of Russia has published a roadmap outlining the transition to a new information usage order for banks and lenders, aiming to provide them with real-time data about citizens' official incomes [1]. This move is a significant step towards digital finance and regulatory initiatives, following global trends towards real-time financial data sharing.

However, specific dates for the implementation of this change are not yet detailed in the available sources. The closest relevant references concern other countries' payment systems, such as the UK's RT2 and CHAPS settlement hours extension planned for early 2026 [2].

The roadmap emphasizes the importance of banks focusing on strengthening the capital base, anticipating credit risks, and working with emerging problem debt [3]. The new system will enable banks and lenders to receive real-time data on citizens' official incomes within one minute [4].

To achieve this, lenders will need at least six months to integrate the dataset into their information systems and business processes [5]. Additional participants not yet connected to SMERV 4, settings, and testing will be required for the new model [6]. The "Digital Profile" service, a joint project of the Bank of Russia and the Ministry of Digital Development, is expanding the range of services [7].

By November 1, 2025, the refinement and integration testing of the interaction between the Unified Portal of State and Municipal Services and SMERV 4 showcases will be completed [8]. Changes to regulatory acts during implementation are expected [9].

The data will be provided by the Federal Tax Service, the Social Fund of Russia (SFR), and the Ministry of Labor [10]. The SFR and FTS are actively implementing digitization and developing digital services [11].

Experts view the proposed roadmap positively, suggesting it will accelerate and automate data retrieval through SMERV 4 [12]. However, current issues with the FTS and SFR, such as delays, incorrect or incomplete information, and unavailability of official income data, may pose challenges [13].

In light of these developments, the head of the CB, Elvira Nabiullina, has emphasized the importance of banks focusing on strengthening the capital base, anticipating credit risks, and working with emerging problem debt [3]. Further official announcements from the Bank of Russia or Russian financial authorities would be needed for a definitive timeline.

[1] Bank of Russia. (2022). Roadmap on the transition to a new information usage order for banks and lenders. Retrieved from https://www.cbr.ru/ [2] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [3] Nabiullina, E. (2022). Speech at the 11th International Financial Congress. Retrieved from https://www.cbr.ru/ [4] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [5] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [6] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [7] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [8] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [9] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [10] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [11] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [12] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/ [13] The Bank of Russia's Roadmap for Real-time Official Income Data to Russian Banks and Lenders. (2022). Retrieved from https://www.banki.ru/

  1. The new system, enabled by the Bank of Russia's roadmap, will empower banks and lenders to access real-time data on citizens' official incomes within one minute, signifying a major stride towards digital finance and business.
  2. To effectively integrate the real-time data system into their operations, banks and lenders may require at least six months for system adjustments and process revisions, considering the roadmap's specifications.

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