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Nonbank Providers of Payment Services

The National Bank of Ukraine (NBU) regulates payment services market players to ensure the security of household payments.

Banks (respective commercial agents) and nonbank institutions are authorized to transfer money. In order to perform money transfers in domestic currency without opening accounts, nonbank institutions receive a respective license from the NBU.

A license to conduct domestic currency money transfers without opening accounts (hereinafter referred to as the “License”) is issued to nonbank institutions that intend to become members of payment systems. The NBU determines terms and conditions of License issue, as well as grounds for refusal, suspension or revocation of the License.

Nonbank institutions can not only participate in payment systems but also establish one. Payment systems operate according to rules set by a respective payment system operator. Information on registering payment systems and payment system participants is recorded in the Register of Payment Systems, Payment System Participants, and the Operators of Payment Infrastructure Services.

Along with banks and nonbank institution, cash acceptance services for subsequent transfer can be provided by banks’ commercial agents, legal entities that entered into agent agreements with banks. Information on banks’ commercial agents is recorded in the Register of Banks’ Commercial Agents.