On October 1, 2015, the National Bank of Ukraine hosted a meeting with CEOs of payment organizations of the largest payment systems that have been designated as  domestic systemically important payment systems.  

Director of the Payment Systems Department Nataliia Lapko reminded the meeting participants that in August 2015 the National Bank of Ukraine for the first time had identified the payment systems of national significance in Ukraine and classified them as systemically important, socially important and important.

The criteria used to place a payment system into a certain category of importance are based on volumes of transactions processed through the payment system and types of services it provides.

Under these criteria, in particular, only the System of Electronic Payments run by the National Bank of Ukraine can qualify as   systemically important. VISA, MasterCard“Poshtovyi perekaz” (USEP “Ukrposhta”) have been designated as socially important. Another 10 payment system have been recognized as important payment systems.

Today, there are 54 payment systems operating in Ukraine, including 10 payment systems created by non-residents and 44 payment systems created by residents.

According to Nataliia Lapko, payment systems of national significance are required to meet additional requirements set forth in the Regulation  on the supervision (oversight) of payment systems and settlement systems in Ukraine approved by NBU Board Resolution No.755, dated November 28, 2014. The aforementioned requirements are based on the international standards adopted by the Committee on Payment and Settlement Systems of the Bank for International Settlements and the Technical Committee of the International Organization of Securities Commission.

Therefore, the meeting was primarily focused on the requirements to be met by the payment organizations of the payment systems of national significance. These requirements are as follows:

• governance of the payment system's operation;
• access and participation in the payment system;
•  risk-management framework for comprehensively managing legal, credit,  liquidity, overall commercial, depository, investment, settlement, operational, and systemic risks;
• ensuring the smooth functioning of payment systems;  
• information disclosure and the protection of the users' rights

Lapko underlined that payment systems provide crucial financial market infrastructure. The reliability and efficiency of payment systems is crucial for the stability of the financial system. 

She pointed out that payment systems were required  to comply with these requirements within 90 days from the day they were notified in writing by the National Bank that they had met the importance criteria.  So far, all the payment systems of national significance have already received such notices.

“The National Bank is confident that all the payment systems of national significance will show a responsible attitude in meeting the new regulatory requirements imposed in connection with the adoption by the National Bank of a risk-based methodology for payment systems oversight, as the  main purpose of oversight is to protect the interests of payment system users – individuals, businesses, and the state.