More than ten Russian banks are working toward joining the platform for remote financial services and their price comparison – the so-called financial marketplace.

Izvestia newspaper reports citing the Bank of Russia that Russian clients will be able to register the deposits, which are available in the first stage, on aggregator websites like Banki.ru or Sravni.ru.

Banki.ru is ready to launch the pan-Russian marketplace on October 1 and Sravni.ru has said the project is “at high readiness”.

The marketplace will enable credit organizations to reach new clients; the project is going to increase competition in the financial market. For consumers, the service will be free, but the bank will have to pay for IT infrastructure and remote client identification, which might impact the cost of the products.

The Bank of Russia compares the marketplace with a large internet shop: the customer puts into the shopping cart good from different manufacturers and pays for them with a few clicks.

In order to register on the platform where you can make bank deposits, clients need to meet with the platform representative once. For instance, you can invite the representative for a meeting at your home. Afterwards, clients can make deposits in any bank featured in the marketplace – without identification. At the same time, the Bank of Russia said, clients cannot use biometrics yet, as it requires new amendments to the existing laws.

In the next month the marketplace will be launched in test mode for a limited group of users (friends&family) in 20 regions of Russia. In the future, clients will be able to use the Central Bank’s marketplace to get investment, credit and insurance products.

The Russian State Duma recently adopted the Law on implementation of financial deals through financial platforms, which makes it possible to open a financial marketplace on the basis of the Central Bank.

The partner of Fintech section is