National Bank of Ukraine switches to new e-payment system

The National Bank of Ukraine (NBU) announced the transition to a new generation system of electronic payments (SEP) based on the ISO 20022 international standard.

According to the regulator, the innovation will improve the security of payments, open up new opportunities for banks and businesses, and significantly increase the level of transaction processing automation.

“The compliance of SEP with ISO 20022 will help to modernize the financial infrastructure, improve the competitiveness of Ukraine and facilitate its integration with the markets already operating under this standard. We are confident that the banking system is able to successfully and timely switch to the new standard and make it relevant and convenient for both customers and banks,” said Deputy Chairman of the National Bank Alexey Shaban.

The effective date of the transition to the new generation SEP (20 August, 2022) is set forth by NBU Board’s Decree No. 93 “On the introduction of ISO 20022 in the payment infrastructure of Ukraine” dated September 16, 2021. The decree applies to the SEP participants that include Ukrainian banks, the State Treasury Service, the National Depository and other public financial institutions.

According to the National Bank of Ukraine, to ensure a smooth transition to the modernized operation scheme the SEP participants must do the following:

-   by October 31, 2021, get connected to the test bed (operating since April 1) for comprehensive testing of interaction with the modern generation EPS

-   by August 20, 2022, amend the regulations for the automation systems operation, generation of daily balances and other reports

Starting from August 20, 2022, all interbank payment transactions will go through the next generation SEP.

Source: iksmedia.ru

Tweet