The National Bank of Ukraine (NBU) has defined and listed systemically important, socially important, and important payment systems in Ukraine.
The NBU breaks down payment systems by categories of importance in order to harmonize operations of significant payment systems that have a large market share with international oversight standards.
The monitoring of payment systems’ performance in 2020 shows that:
- Same as in the previous years, the NBU’s System of Electronic Payments (SEP) remains the only systemically important payment system in Ukraine.
- The list of socially important payment systems has not changed as compared to 2019 and 2018.
The following five payment systems retained the status of being socially important:
- MasterCard, MasterCard International Incorporated, USA
- Visa, Visa International Service Association, USA
- NovaPay, NovaPay LLC
- Western Union, Western Union Financial Services Inc., USA/Western Union Network, SAS, France
- Poshtovyi Perekaz (Postal Transfer), Ukrposhta JSC.
- One important payment system – FLASHPAY (Bank Familnyi PrJSC) – has lost its status since 2019. At the same time, this year two payment systems have been recognized as important, namely PrivatMoney (CB PrivatBank JSC) and LEO (FC LEOGAMING PAY).
In such a way, important payment systems are:
- Finansovyi Svit, Ukrainska Platizhna Systema LLC
- MoneyGram, MoneyGram Payment Systems Inc., USA
- City 24, Finansova Kompaniia Feniks LLC
- LEO, FC LEOGAMING PAY LLC
- RIA, Continental Exchange Solutions Inc, USA
- PrivatMoney, CB PrivatBank JSC
- INTELEXPRESS, Microfinance Organization IntelExpress JSC, Georgia.
The NBU sets tighter requirements to operators of the payment systems that fall into the importance categories. In particular, the requirements cover the issues of governance and management, payment system access and membership, risk management system, cyber resilience, business continuity, and so on.
Moreover, in 2020 the NBU began to recognize payment service providers as significant in line with the set criteria*.
Compared with the previous year, one provider has joined the list of significant payment service providers, namely AC DC PROCESSING LLC. Based on monitoring held in 2020, significant payment service providers were:
- Ukrainian Processing Center PrJSC
- AC DC PROCESSING LLC
- TAS LINK LLC.
To the payment service providers categorized as significant the NBU applies stricter business continuity requirements based on international oversight standards.
The NBU determines the importance of payment systems and payment service providers on an annual basis based on their performance in the preceding year.
The criteria of payment system importance include volumes of transactions and types of services provided by the payment systems.
The importance criteria of payment service providers include volumes of transactions processed by the providers in payment systems
*Resolution No. 11 On Amendments to Regulation on Supervision (Oversight) of Payment Systems and Settlement Systems in Ukraine dated 21 January 2020