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Temporary Cancelation of SEP Fees

The National Bank of Ukraine (NBU) has temporarily cancelled tariffs on payments in the System of Electronic Payments (SEP) for the quarantine period or restrictive measures associated with the spread of coronavirus (COVID-19).

During this period the NBU will not charge banks for payments transacted in the settlement system. Specifically, on 24 March 2020 the current charge for banks will be cancelled for processing electronic settlement documents and notifications in the SEP.

“NBU priority for the quarantine period is remote servicing. The NBU strives to reduce costs of noncash payments, in contrast to cash ones, and take all the necessary steps. The recommendations to banks are to act respectively and reduce the prices of online settlements for their customers. This is our joint social responsibility and care of the public,” noted Sergii Kholod, NBU Deputy Governor.

Respective amendments were approved by NBU Board Resolution No. 36 On Amendments to Individual Tariffs on Services (Transactions) Provided (Executed) by the National Bank of Ukraine and Cancellation of Resolution of the Board of the National Bank of Ukraine No. 160 Dated 27 December 2019 dated 20 March 2020.

After the quarantine is lifted, the NBU will reinstate the tariffs for SEP services providing an additional notice*.

On other measures introduced by the NBU to support the banking system for the restriction period associated with the spread of COVID-19 please follow the link.

For reference:

The SEP is a state banking payment system for interbank money transfers through NBU correspondent accounts.

The NBU is the payment institution and settlement bank of the SEP. The SEP is the only systemically important payment system in Ukraine. It handles about 96% of all hryvnia-denominated interbank transfers within Ukraine.

As of 1 January 2020, 75 banks, the State Treasury Service of Ukraine, and the NBU are SEP participants.

* Introducing new tariffs for SEP services that were to take effect on 24 March 2020 is postponed.

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