The National Bank of Ukraine held a broad conference which discussed the improvement of the process of registration by the National Bank of payment systems, their members and payment infrastructure service operators and regulation of international online payment systems operating in Ukraine. The conference was attended by over 30 market representatives, in particular, representatives from the National Bank, international payment systems, banking associations and Ukrainian banks.

Using the example of PayPal, the conference discussed the ways of regulating operations of international online payment systems in Ukraine. In particular, the attendees welcomed the possible coming of new players to Ukraine’s payment systems market and noted that the procedure of registration of payment systems, their members and payment infrastructure service operators is governed by the National Bank’s applicable regulations. Therefore, in order to enable new participants to operate on this market the relevant norms and regulations of the National Bank require amendment. The conference participants have agreed that the foreign exchange controls and financial monitoring of online payment transactions require further detailed study. At the end of the conference the attendees have agreed to prepare proposals concerning possible amendments to the regulatory acts that govern operations of payment systems.

Deputy Governor of the National Bank of Ukraine Vladyslav Rashkovan said that in order to improve the performance of international payment systems in Ukraine the central bank has established a separate working group which includes representatives of the National Bank, professional civic associations and also Deloitte and Baker&McKenzie. Presently, the group is working on the analysis of obstacles which international online payment systems and e-money issuers face when providing services in Ukraine (using the example of PayPal). The working group’s findings will help improve the relevant regulatory acts of the National Bank and create proper conditions for successful performance of international payment systems in Ukraine.