To maintain productive dialogue and partnership with the payment services market, the NBU has prepared the Recommendations for Drawing Up Rules of Payment Systems Operated by Resident Payment Institutions (UKR).
With this document, payment institutions get a simplified process of preparing rules that they submit for the NBU’s approval.
In line with the Ukrainian law, payment systems operate according to rules set by payment institutions of the payment systems.
Having approved the rules*, the National Bank of Ukraine makes an entry on the payment system operated by a resident payment institution into the Register of Payment Systems, Settlement Systems, Payment System Participants, and Payment Infrastructure Service Providers (hereinafter – the Register).
Ukraine’s payment services market is developing, new payment systems appear and existing ones improve their rules (due to widening range of services, technological changes, new participants, etc.).
The NBU’s recommendations comprise:
- recommendations for preparing and submitting the Rules to the NBU
- general recommendations for the rules
- recommendations for provisions to be included in the rules subject to Regulation No. 43
- the list of laws and regulations of Ukraine to be used when preparing the rules.
As of today, the Register contains data on 24 payment systems operated by resident payment institutions, namely:
- 9 systems established by banks
- 15 systems established by non-banking institutions.
* The procedure for the NBU to approve rules of a payment system operated by a resident payment institution is stipulated in the 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).