RSPP Advances Confidential Cross‑Border Payments Platform
The Russian Union of Industrialists and Entrepreneurs (RSPP) has reported progress on a new digital platform aimed at making cross‑border payments more confidential between businesses, banks, and fintechs. In a conversation with RBC, Andrey Lisitsyn, the Managing Director of the RSPP’s Financial Policy and Financial Markets Department, outlined the initiative and its current development stage. Lisitsyn noted that a prototype is slated for launch by the end of March and that a test group of around 30 companies will participate to validate the system’s capabilities.
Specifically, the project aims to establish a platform for information and analytical interaction around cross‑border settlements. The platform is designed to support a secure, confidential exchange of information among companies, financial institutions, and fintech players. The goal is to share needs, discuss payment possibilities across multiple currencies, and illuminate various aspects of cross‑border settlements. In practical terms, the system would enable participants to coordinate on currency choices, settlement timelines, and compliance considerations while preserving privacy and data control for each party involved.
The initiative emerges amid broader industry concerns about the regulatory environment and the pressures faced by businesses operating across borders. Earlier reporting indicated ongoing efforts by the RSPP to engage with government bodies to reduce criminal and administrative burdens on industry. This context underscores the importance of streamlined digital tools that can facilitate transparent, efficient, and compliant cross‑border activity while respecting confidentiality requirements for corporate data. The collaboration highlighted by the RSPP reflects a strategic push to align private sector needs with policy considerations, potentially shaping how international payments are managed in the near term.
Industry observers note that such platforms could help mitigate information frictions that often accompany multi‑jurisdictional settlements. By providing a controlled environment for sharing payment needs, currency preferences, and settlement options, the platform could support better risk management, faster reconciliation, and more accurate forecasting for treasury teams. The prototype phase will reveal how well the system scales across different financial infrastructures and regulatory landscapes, as well as how securely sensitive information can be handled when multiple actors participate in a single payment flow.
From a strategic perspective, the RSPP’s approach aligns with a growing emphasis on digitization within the financial sector. Stakeholders expect that confidential, real‑time information exchange will become a core feature of modern cross‑border commerce, enabling faster decision‑making and more resilient transaction ecosystems. The test group’s feedback will be critical in refining user experience, data governance, and interoperability with existing banking and fintech platforms. Observers will be watching closely to assess how the platform balances privacy with the need for collective visibility into payment requests, liquidity needs, and currency risk exposure. The initiative also signals a broader interest in developing standardized data protocols that could simplify compliance reporting and reduce administrative overhead for multinational operations. [RBC] [Vedomosti]