The NBU Electronic Payment System now offers instant transfers
3 December 2024 08:49
On December 1, a new version of the electronic payment system of the National Bank of Ukraine – SEP-4.1 with the function of instant credit transfers – was launched. This was reported by the National Bank, "Komersant Ukrainian" informs.
Instant credit transfers or simply instant transfers are a payment transaction provided for by the amendments to the Law of Ukraine “On Payment Services”, which entered into force on November 08, 2024.
The advantages of the new version of SEP-4.1 are
innovation – introduction of EPS instant transfers functionality (this is the next step in the development of Ukraine’s payment infrastructure);
transparency – clear conditions and opportunities for all EPS participants and their customers;
accessibility – payments through the Electronic Payment System (EPS) are available at any time.
How the updated system will work
The transition to the new software version was successful and now the functionality of instant transfers of the Electronic Payment System is available to all those connected to it: banks, non-bank payment service providers, and the State Treasury Service of Ukraine. As of today, the following entities have already connected to the EPS instant transfer functionality:
The National Bank of Ukraine;
JSC Oschadbank
JSC “CREDIT AGRICOLE BANK”
JSC “SKY BANK”;
JSC “CLEARING HOUSE”;
JSC UKRSIBBANK;
JSC Ukreximbank;
JSC “EUROPEAN INDUSTRIAL BANK”;
JSC “SENS BANK”;
JSC “ALTBANK”;
JSC Idea Bank.
Gradually, all SEP participants (depending on their internal schedules for implementing SEP instant transfers) should join the system to be able to offer their customers high-quality and fast payment services. After all, the implementation of the EPS instant transfer functionality, which is a key feature of the new version of EPS 4.1, creates conditions for further improvement of the country’s payment infrastructure.
What is EPS instant transfer?
Instant EPS transfer is a payment transaction that allows for instant crediting of funds to the recipient’s account via the Electronic Payment System. In other words, payment service providers will instantly transfer funds from the payer’s account to the recipient’s account and must immediately inform them of the results of the payment transaction. Such a payment transaction can be initiated by both individuals and legal entities. The maximum time for an EPS instant transfer is measured in seconds (no more than 10 seconds), and the maximum amount of one payment transaction is set at UAH 100 thousand, which is the optimal solution for most payments to meet the daily needs of citizens.
Advantages of instant transfers
The benefits for citizens include
– fast crediting of funds to the recipient in real time, which is important, in particular, when making payments for goods and services
– convenient initiation of payments (via payment applications of payment service providers) and transfer of details between users (via QR codes or Deeplink).
The advantages of EPS instant transfers for business include
– reduction of operating expenses (taking into account the EPS tariff policy) and effective liquidity management;
– improved customer service due to round-the-clock availability of payments via EPS.
There are also benefits for the Ukrainian economy as a whole:
– accelerated digitalization of financial services and development of cashless payments;
– increased competition between payment systems and services, which will stimulate greater transparency and reduce the cost of transactions;
– the possibility of future integration with international instant transfer systems, including the EU.
The NBU reminded that the EPS is a systemically important payment system in Ukraine. It operates on the basis of the international standard ISO 20022 and provides for interbank payment transactions in Ukraine through accounts opened with the National Bank. The SEP is operated by the National Bank of Ukraine.
The SEP enables 99% of interbank payments in the national currency. Thus, in the first nine months of 2024, about 347 million payments were made through the SEP. This is 13.4% more than in the same period of 2023.
