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NBU Depository Introduces New Features to Reduce Operational Risk for Custodians and Customers

08 April 2019

Press Release

 

The National Bank of Ukraine (NBU) has introduced a new feature set for custodians enabling double control for securities operations. The new software allows two authorized account operators to affix electronic signatures on instructions in sequence (so called “four eyes principle”).

 

The double control for transacting operations has long been an integral part of money transfer systems, however in Ukrainian depository record-keeping systems it is introduced for the first time.

 

The new feature set will provide custodians with real-time monitoring of record-keeping and reduces operational risks, including by mitigating risk of misprint and human error. This will foster information protection in the depository record-keeping system and the system’s security.

 

The feature set was developed according to international standards for depository operations with financial assets. The NBU continues in line with its strategy to upgrade the depository record-keeping system by automating processes and introducing cutting-edge software suites.

 

At present, custodians are not committed to apply the new software. Access to the software will be provided on request of each individual custodian.

 

 


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Last modification   08.04.2019