The National Bank of Ukraine (NBU) has revised the registration procedure for payment systems, participants of payment systems and payment infrastructure service operators.

The amendments are detailed in NBU Board Resolution No. 139 of December 21, 2017 On Approval of Amendments to the Regulation on the Procedure for Registration of Payment Systems, Payment Infrastructure Operators (hereinafter referred to as Resolution No. 139).

In particular, Resolution No. 139 outlines:

• changes in the NBU procedure for reviewing documents of payment systems, payment system participants and operators of payment infrastructure services;
• extended list of documents to be submitted to NBU for permits with the application authorizing information disclosure about the applicant, his/her financial standing, financial liabilities, business reputation; information on executive officers of the legal entity, applicant’s relations with other persons;
• compatibility of payment systems: two domestic payment systems, the resident international payment system with the resident/nonresident international payment system, the resident domestic payment system with the resident international payment system (provided that the money transfer involving such systems is transacted on the territory of Ukraine only);
• loosening the approval requirements and operating procedure for operators of payment infrastructure services;
• the option for the NBU to refuse registration and cancel registration of payment systems and their operators if such are subject to individual special economic and other restrictions considering also the Decree of the President of Ukraine No. 133/2017 dated 15 May 2017 On the Decision of the National Security and Defense Council of Ukraine of 28 April 2017  “On Imposition of Personal Special Economic and Other Restrictive Measures (Sanctions)”;

In order to harmonize Ukrainian laws with EU laws the Resolution No. 139 also implements:

• Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems as to setting rules in payment systems (as well mutually compatible systems), in particular the point at which a money transfer cannot be cancelled neither by the payment system participants nor by the third party (irrevocability).
• Regulation 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds and repealing regarding the requirement to determine in the payment system’s rules the procedure for providing information accompanying transfers of funds on the originator and the recipient on all stages of the money transfer

Furthermore Resolution No. 139 prescribes the requirement for payment institutions of payment systems to submit to the NBU information on the operator of the resident payment infrastructure (within 30 calendar days as of the effective date of Resolution No. 139).

The NBU forecasts the following:

• integration of payment systems will provide customers of payment services with new options and services;
• setting additional requirements will prevent unfair players from entering the market;
• refusing registration/cancelling registration in the view of individual special economic and other restrictions as set out in Ukrainian law will promote national security of Ukraine.

Resolution No. 139 approves amendments to Regulation on the Procedure for Registration of Payment Systems, Payment System Participants and Operators of Payment Infrastructure Services approved by NBU Board Resolution No. 43 dated 4 February 2014 and registered with the Ministry of Justice of Ukraine on 5 March 2014 under No. 348/25125.

According to the procedure prescribed by Regulation on the Procedure of Registration of Payment Systems, Payment System Participants and Operators of Payment Infrastructure Services approved by NBU Board Resolution No. 43 of 4 February 2