Beginning 29 December 2015, interbank transactions involving the use of payment cards issued by  the National System of Mass Electronic Payments (NSMEP) based on closed national standards were terminated.

This move indicates the NBU’s  strong commitment to overhaul the national payment system upgraded based on open international standards.

Additionally, this crucial decision aims to rationalize the regulator’s internal resources and promotes the issuance of NSMEP payment cards based on open international standards.

Director of the Retail Payments Department Serhii Shatskyi pointed out that the NBU is strongly committed to the set goals of its reform agenda. He also reminded that the Comprehensive Program of Financial Market Development of Ukraine until 2020 provides for a 30% increase in the cashless payments effected through the domestic payment system.

“I am grateful to the banks that have operated with the NSMEP based on national standards for efficient and fruitful cooperation in the implementation of this project and the transition to the upgraded NSMEP.

Mr Shatskyi added that the NBU is involved in vigorous efforts to develop the national payment system, which gradually evolves into a modern, cutting-edge  user-friendly payment system. 

“I am absolutely convinced that the  advantages offered by the NSMEP based on open international standards fully meet the requirements of banks and their clients. I would like to take this opportunity to invite those banks that are not yet members of the upgraded NSMEP to join us in the upcoming year,” said  Mr Shatskyi.