The new generation of EPS will provide banks and businesses with new opportunities, further enhance the security of payments and increase competition in the payment market.
The transition to a new generation of the NBU electronic payment system (EPS) based on the ISO 20022 international standard will take place in April 2023, and not in August 2022, as previously planned. This was announced on Thursday, August 18 by the press service of the National Bank.
“Before the war, we planned to switch to the new standard from August 20, 2022. Due to objective reasons and martial law, the National Bank postponed the transition to a new generation of EPS in order to give more time to the participants in the system finish. their automated systems and rebuild business processes,” explained the Deputy Head of the National Bank Oleksiy Shaban.
According to him, the new generation of EPS will provide banks and businesses with new opportunities, further enhance the security of payments and increase competition in the payment market.
It is noted that the transition to ISO 20022, along with the introduction of IBAN, creates a technological basis for the accession of Ukraine to the Single Euro Payments Area (SEPA) and the implementation of an instant payment service in Ukraine.
The NBU also reported that in order to ensure a smooth transition to a new generation of EPS, Ukrainian banks, the State Treasury Service of Ukraine and the National Depository of Ukraine will be obliged on April 1, 2023 to:
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make changes to the regulations for the operation of their automation systems, the development of daily balances and other reporting;
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to provide a sufficient level of throughput of communication channels for guaranteed and fast exchange of information in EPS.
Accordingly, from April 1, 2023, all inter-bank payment transactions will take place exclusively through the new generation of EPS.
It was previously reported that the accession to SEPA will be an important event for the European integration of Ukraine and will provide new opportunities for the Ukrainian economy.
Recall that Ukraine has fulfilled 63% of the association agreement with the European Union.
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Source: korrespondent
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