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Interbank SEP Payments To Be Available 23/7 From 1 April 2020

The System of Electronic Payments (SEP) of the National Bank of Ukraine (NBU) shifts to extended operating mode from 1 April 2020.

The system will provide interbank payments twenty-three seven (23/7). Such novelty will enable time-sensitive payments and improve customer access to financial services and promote noncash settlements.

The regulator has defined the following extended operating mode for the SEP:

  •   participants of the SEP will make interbank fund transfer in this payment system from 1:00 a.m. to 0:00 a.m.
  •   the system will have a maintenance break for one hour when changing to the new banking day (from 0:00 a.m. to 1:00 a.m.)
  •   SEP participants will discretionary decide on their a round-the-clock operation in the payment system
  •   operating mode of the SEP at the end of the reporting year will be approved by a separate NBU Board decision

However, interbank funds transfers 23/7 in the SEP will be optional. Banks will have the option to decide when to start or finish operations in the SEP based on their needs and the needs of their customers.

For your information, the SEP 23/7 will be the first stage of switching to a round-the-clock mode.

*NBU Board Decision No. 142 dated 25 February 2020 contains the respective regulations.

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