National Bank plans launching a new generation of electronic payment system in August 2022

The new generation of the National Bank's electronic payment system will start working on a 24-hour-a-day basis from August 20, 2022

The NBU says the new payment system will give banks and businesses new opportunities and increase the security of payments.

In addition, the National Bank notes that thanks to the introduction of the international standard ISO 2022, the payment will be enriched with additional information, and a significant number of payment processes can be automated.

"Making the payment system in accordance with the international standard ISO 2022 will allow to modernize the financial infrastructure, increase the competitiveness of Ukraine and will promote its integration with the world markets that already operate according to this standard."

"We are confident that the banking system is able to switch successfully and on time to this new standard and make it popular and convenient for both customers and banks," said Deputy Chairman of the NBU Olexiy Shaban.

For a well-coordinated transition to the new mode of operation, the participants of new electronic payment system are obliged to:

  • by October 31, 2021, connect to the test stand (it has been operating since April 1 this year) for comprehensive testing of interaction with the new EPS;
  • by August 20, 2022, make necessary amendments in the work regulations of their automation systems, and balance sheets daily formation along with other types of reporting.

Accordingly, starting from August 20 next year, all interbank payment transactions will be carried out through the new EPS.

See also: The NBU sees risks in the unregulated distribution of crypto assets

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