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Instant payment system

The National Bank of Ukraine is in progress of implementing an instant payment system in Ukraine.

Instant payment system is a system of electronic retail payments that are processed in real time, 24 hours a day, 365 days a year, where the funds are made available immediately for use by the recipient.

The main goal of establishing an instant payment system in Ukraine is to provide an option for users to make fast, cheap remittances and payments from one payment account to another using convenient, modern, and innovative access channels and methods of initiating payment transactions. An instant payment system will foster the development of the payment infrastructure, meet market and user expectations, promote financial inclusion, and increase noncash settlements.

Key features of the instant payment system:

  • 24/7/365 operation
  • funds are transferred between user payment accounts
  • irrevocable payments
  • immediate availability of funds to the recipient for use (crediting the recipient's account)
  • instant notification of the recipient on funds credited.

The following e-mail was designated for communication with the team and suggestions from market participants on the structure of the instant payment system: ips@bank.gov.ua.