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NBU Optimizes the Procedure for Interbank Money Transfer

NBU Optimizes the Procedure for Interbank Money Transfer

NBU optimizes the procedure for interbank domestic currency transfer.

The NBU has developed and seeks public opinion on the NBU Board Draft Resolution On Approval of Amendments to the Instruction for Domestic Currency Interbank Transfers (hereinafter - Draft Resolution).

The Draft Resolution is meant to:

  • ensure consolidation of norms on opening and closing correspondent accounts of banks in domestic and foreign currencies in one NBU regulation
  • improve the operational technology of NBU electronic payment system (hereinafter - SEP) in batch mode in order to ensure that  settlements in SEP are completed at the end of a banking day
  • comply with the laws of Ukraine.

In view of this Draft Resolution, we suggest:

  • to introduce an electronic signature for an interbank electronic payment document (instead of a digital signature);
  • to exclude from the Instruction for Domestic Currency Interbank Transfers the requirements to open/close correspondent domestic currency accounts of resident banks, since these issues will be further regulated by the new version of the Instruction On the Procedure for Opening, Usage and Closing of Accounts in Domestic and Foreign Currencies (except for the procedure for opening/closing of a correspondent account of a bank or a branch of a foreign bank at the NBU for transactions in SEP).

In addition, the NBU intends to introduce in the SEP automatic payments in the batch mode, which are not confirmed by the direct participant of the SEP - the recipient of funds – at the end of the banking day, and exclude the obligatory accounting of unconfirmed amounts of interbank electronic settlement documents on the transit account with the NBU.

Such an innovation in the SEP is expected to enter into effect two months after the entry into force of this document to ensure that all direct participants of the SEP are prepared to the changes in the SEP.

In its letters*, the NBU has already informed the SEP participants about planned changes in SEP technology related to ensuring the completeness of payments in the batch mode at the end of the banking day, and about the possibility to test these changes at the SEP platform at NBU IT Department.

Regulatory impact analysis of this Draft Resolution.

Suggestions and comments will be accepted by mail or email before 15 March 2019.

Postal address: Payment Systems and Innovations Department, National Bank of Ukraine 9, Instytutska St., Kyiv, 01601

Email: 22SPRA@U1H0, [email protected]

* No. 57-0009/13003 dated 5 March 2018 and No. 57-0009/29309 dated 25 May 2018

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