customer, or kyc, as we have got used to saying. this platform will make it possible to reduce the number of banks ’ refusals and companies ’ expenses for the communication with banks. clients ’ risks will be assessed not by banks, but by the platform developed by the bank of russia that will classify companies into three risk groups according to the traffic light principle. banks will be able to focus only on the group having these risk signs and on the analysis of the operations of clients involving potentially higher risks. we are going to launch this platform into regular operation at the end of 2021 and then scale it up so as to embrace all credit institutions by the end of 2022 q1. of course, we believe that it will make life easier for smes. we have also discussed how to improve this platform together with you. the second issue is the faster payments system ( fps ). initially, we launched it to enable p2p transfers. we can see that it is highly requested. however, right from the beginning, we have built this system considering the needs of retailers and small businesses and comprehending that this system may help smes cut costs significantly. the fps addresses the issue of high acquiring fees and considerably reduces costs for trade and service companies. in contrast to direct caps on fee amounts, it does not disturb the balance in the market. the fps fees are 2 – 3 times lower than acquiring fees and may not exceed 0. 7 %. another advantage of the fps is that it helps reduce the cash gap since funds transferred via the fps are credited into companies ’ accounts instantaneously. this speeds up the turnover of enterprises ’ funds, which is also essential for business. the third aspect is that the fps is easily deployed. this system requires no additional equipment, and all necessary software may be promptly installed on the already existing 3 / 5 bis central bankers'speeches terminals and cash desks. installation and debugging take two or three days on average. at the beginning of next year, we will also launch the mobile application of the fps. it will enable any retailers to integrate with the system faster, without the need to create their own apps. moreover, other applications will function as well. we are going to carry out regular training workshops on the fps, with the first one scheduled for 15 december. so, you are welcome to join it. in future, we will hold such events together with opora russia and other business associations.

the eu front, the ec recently adopted “ temporary framework ” allows for the use of state aid through liquidity recapitalization ( state guarantees on ela, guarantees on ggbbs ), precautionary recapitalization or impaired asset relief measures ( creation of public amcs ) without any burden sharing requirements ( bail in ). the objective of such aid would be solely to address covid - 19 related losses. the “ greek asset protection scheme ( hercules ) ” was the first step taken by the greek government in november 2019 to address the npl legacy issue, based on the italian gacs model. the european commission ( ec ) approved a state aid guarantee scheme for the securitization of up to €32bn gross npls. npls and restructured loans would be sold to spvs through securitizations. subject to a bb - rating ( compared to a bbb for gacs ), the government would guarantee then the senior tranche for a total amount of €12bn. the issued senior tranches would have a zero risk weighting. complementary to hercules aps a recent proposal by the bank of greece with the short cut national bad bank. in the recent past, there were numerous cases whereby the eu provided state aid in the form of equity and guarantees on notes issued by the amcs : mark ( 2016 hungary ), bamc ( 2014 slovenia ), sareb ( 2012 spain ) and nama ( 2009 ireland ). lessons learned from these cases can help us design and successfully run a public amc. among the key features of the bad bank proposal are the following : a ) an attempt to address at the same time the dtc issue on which greek banks, like npls, constitute another outlier in the eurozone. b ) an open issue to be resolved in the near future is the transfer of npls, which could take place at real economic value ( above market value ) following valuation exercise carried out by an independent auditor and instructed by dg com. c ) the national bad bank can outsource the servicing of the loans to existing authorized servicers by the bank of greece to leverage from experience and economies of scale. d ) another open issue is the pricing of the senior bonds, receiving a credible rating and foremost attracts investors. e ) and last but not least is the funding issue ( apart from senior bonds, esm funds? etc. ). in all the above issues and many more, the bank of