CENTRAL BANK OF RUSSIA WILL CONTROL THE TIME OF FAILURES OF BANKING APPS

The Central Bank has taken an initiative to limit the time of unavailability of banking applications. In addition, it was proposed to send the reports on failures to the regulator and to notify about the intention to publish information related to the accident in advance.

Initiatives are contained in a regulation designed by the regulator. The document includes proposals for setting the time during which a banking application may be unavailable to users. The Regulation establishes a number of requirements for the operational reliability of banks for the continuous provision of their services

According to the document, the majority of operations that can be performed through applications, cannot be unavailable for more than two hours.

The exception is operations in financial markets, where the regulator allows the suspension of activities for up to a day.

A special time of unavailability of the application - only half an hour - is given for banks with assets of 500 billion rubles or more. The rest of the credit organizations will be able to eliminate the problems that have arisen within two hours. This applies to the uploading and updating of biometric data.

Credit institutions will be obliged to notify the Central Bank of the Russian Federation about failures and the measures taken in connection with them.

At the moment, the document is going through the stage of public discussion. The regulation will come into force next autumn.