All banks, the State Treasury Service, the National Depository and software development companies have moved to the new generation of EPS.
A new generation of Electronic Payments System of the National Bank was launched in Ukraine. This was reported on the regulator’s website on Saturday, April 1.
It is indicated that this system works based on the international standard ISO 20022 and is available for interbank payments 24 hours a day, seven days a week.
“Today, one of the largest migrations ever carried out by financial institutions in Ukraine took place. Such changes happen once in a generation. I am sure that this will be a strong impetus for the future development and modernization of information system. of Ukrainian banks and financial institutions,” said Oleksiy, Deputy Head of NBU Shaban.
It is indicated that all banks, the State Treasury Service, the National Depository of Ukraine, as well as software development companies are involved in the process of transition to a new generation of EPS.
“The new generation of EPS is developed with modern software and hardware, which allows electronic payments to be made faster, more conveniently and more securely,” the message said.
Thanks to the ISO 20022 standard, it became possible to unify payment messages, create uniform rules for their filling and processing, expanding the necessary composition with additional fields and structured information. This will contribute to greater automation and speed up the processing of payment transactions, improve the level of service for SEP participants and their customers.
In addition, the system now operates 24/7, providing for round-the-clock execution of inter-bank payment transactions without disrupting the system and an instant transition from a calendar day.
The transition to a new generation of EPS is an important technological condition for the further qualitative development of the payment infrastructure of Ukraine. In particular, due to Ukraine’s status as a candidate for EU membership, the National Bank continues to actively work on the possibility of our country joining the Single Euro Payments Area (SEPA) and implementing the functionality of instant payments in the future version of SEP-4.1 , which participants are scheduled to test in 2023 .
It was previously reported that the National Bank had developed criteria for wartime critical financial institutions. At the same time, the companies themselves must apply to the NBU on the issue of identifying them as critical.
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Source: korrespondent
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