The System of Electronic Payments (SEP) of the National Bank of Ukraine (NBU) is shifting to extended operating mode, effective 3 August 2020.
This will allow the system to process interbank payments on a 23/7 basis. This novelty will enable time-sensitive payments, improve customer access to financial services, and promote noncash settlements.
The NBU Board adopted respective Decision No. 408 on 18 June 2020.
The preliminary start of 23/7 operation of SEP was planned 30 calendar days after the quarantine ends*[1]. The 30-day delay was supposed to help banks deal with the difficulties their staff was facing because of quarantine restrictions.
However, Ukraine has since introduced an adaptive quarantine. Thus, the NBU has set a specific deadline for putting the SAP into 23/7 operation mode, so that the system’s participants could project and plan their activities while under quarantine.
At the same time, 23/7 interbank remmittances in the SEP are optional for banks. Banks will individually make decisions about when to start and when to end working in the SEP based on their own needs and the needs of their customers.
Please be reminded that the 23/7 operation of the SEP will be the first stage in migrating the system to 24/7 operation mode.
1Resolution No. 211 of the Cabinet of Ministers of Ukraine On Preventing the Spread of COVID-19 Caused by the Coronavirus SARS-CoV-2, dated 11 March 2020.