NBU: starting from 1 April, the electronic payment system will work around the clock

Starting from 1 April, a new generation of the electronic payment system will be launched in Ukraine. It will operate on the basis of the international standard ISO 20022 around the clock (24/7).

This is stated in the NBU Board Resolution No. 16, the regulator's press service reports.

It is established that the ISO 20022 standard unifies payment documents, creates common principles for their completion and processing, expands the requisite composition of the payment instruction with additional information, which makes it possible to automate payment transactions and improve customer service.

The round-the-clock operation of the system of electronic payments (SEP) provides for interbank payment transactions without suspension of the system and instant transition from the current to the next calendar day. The amount of the executed payment instruction will be reflected on the account of the SEP participant on the date of the calendar day on which it was conducted through the SEP.

Starting from 1 April 2024, the rule on mandatory crediting of funds under a payment transaction to the recipient's account within an hour will come into force. 

As a reminder, the NBU had planned to switch to a new generation of the electronic payment system on 20 August, 2022. Due to the war, however, the Board postponed the implementation of the new standard until April 2023.