Instant interbank payments may be introduced in Ukraine

The National Bank of Ukraine (NBU) proposes to change the procedure for performing interbank payment transactions in the national currency. This is provided for by new initiatives aimed at improving the country's financial infrastructure and introducing instant payment transfers.

The NBU press service reported this. The changes are related to the entry into force of new legislation, namely the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Improving the Functions of the National Bank of Ukraine on State Regulation of Financial Services Markets". This law, which will enter into force on November 8, 2024, provides for the possibility of making instant credit transfers in Ukraine, which is an important step for the development of the country's payment system.

Since the changes concern the legislative framework, the NBU proposes a number of innovations, in particular regarding the procedure for accepting and excluding participants in instant credit transfers. They will be executed through the NBU electronic payment system (SEP), which will allow for instant transfers. In addition, it is planned to normalize the features of such transfers, as well as clarify the technology of their execution regarding forced, undisputed and contractual debiting of funds from banks' correspondent accounts.

According to the proposals, the features of instant transfers through SEP will also apply to non-bank payment service providers. They will be able to execute transfers through banks that are participants in the instant payment system. Thus, this will significantly expand access to instant payments for a wider range of financial market participants.

The planned changes are of great importance for the development of financial services in Ukraine. They will significantly increase the efficiency of payment systems and provide faster and more convenient service for citizens and businesses. Instant payments can significantly reduce the waiting time for transfers, which will be an important step towards the modernization of the national financial infrastructure.

These changes are currently being discussed within the framework of the draft resolution of the Board of the National Bank of Ukraine "On Approval of Amendments to the Instructions on the Execution of Interbank Payment Transactions in Ukraine in the National Currency". The draft resolution is open for public discussion, and all interested parties can express their suggestions and comments on the proposed changes.