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NBU to UpdateRequirements to Filling in Payment Details upon Introduction of the IBAN in Ukraine

17 April 2019

 

With introduction of the international bank account number (IBAN) in Ukraine, the National Bank of Ukraine (the NBU) is updating requirements to drafting payment document.

 

Therefore, from 1 November 2019, the Sort Code line will be removed from the payment documents.

 

This will  help prevent duplication of payment details when drafting payment documents for money transfer and harmonize the NBU regulations with the international baking standards as

 

the international bank account number (the IBAN) includes the bank code. The use of the IBAN standard with fewer payment details is aimed to simplify drafting payment documents.

 

Respective amendments are presented in the NBU Board Draft Resolution On Approval of Amendments to the Instruction for Domestic Currency Interbank Transfers (the Draft Resolution) offered for public discussions.

 

It’s worth saying that for Ukraine the IBAN consists of 29 alphanumeric characters, comprising the country code, a check digit, a bank code, and an account number.

 

In general, the IBAN will help harmonize the Ukrainian payment landscape with the European one and contribute to the further planned upgrade of the NBU’s System of Electronic Payments.

 

Regulatory impact analysis of this Draft Resolution is enclosed.

 

Comments and suggestions on the Draft Resolution will be accepted by the NBU by mail or email until 17 May 2019.

 

Postal address: Payment Systems and Innovations Department, National Bank of Ukraine, 9, Instytutska St., Kyiv, 01601.

 

E-mail: 22SPRA@U0H0, nbu@bank.gov.ua

 

 


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Last modification   17.04.2019