With a view to adopting a unified approach to the use of electronic signature in the Ukrainian banking system, the Board of the National Bank of Ukraine approved the  Regulation on the Use of Electronic Signature in the Ukrainian Banking System  (hereinafter – the Regulation).

This regulation establishes a regulatory framework governing the application of paperless technology while providing banking services and its adoption represents a step toward the implementation of the Papeless project designed to depart from the practice of using paper documents when servicing bank customers.

The Regulation, inter alia, has:                                                                       

• defined types of electronic signatures used in the Ukrainian banking system;
• set out requirements for the use of each of these types; and
• set out requirements for the creation and storage of electronic documents in the banking system.

This document is intended to:

• lower the cost of banking products; and
• improve the quality of services, make services more user-friendly and service delivery faster.

“The application of new IT technology   in the banking sector makes it possible to  reduce significantly losses in the banking system. One of the important ways to reduce unproductive losses, enhance the efficiency of banking operations and improve the quality of customer servicing is a shift to paperless document processing technology and the launch of secure remote banking services,” said Head of the NBU  Management Information Documentation Organization Office Viktor Nosulko. Therefore, one of the most important issues at this stage is the regulation of the use of electronic signature in the Ukrainian banking systemˮ.

Mr Nosulko reminded that the NBU had earlier:

• authorized banks to establish debtor’s loan documentation (debtor’s credit file) based on electronic documents;
• allowed individuals to obtain individual licenses (e-licenses) for FX transfers abroad to perform some FX transactions,  by submitting documents on paper and in electronic form; and
• set out the rules governing the use of electronic signature when performing cash operations for customers.

The Resolution shall come into force from 17 August 2017.

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