The National Bank of Ukraine has created a national electronic payment system called SEP to process the hryvnia settlements between the banks and clients within Ukraine. The NBU is the payment system operator and settlement bank for SEP.
SEP ensures secure and reliable transfers of funds between the banks.
SEP services over 98% of interbank payments in Ukraine which makes it the systemically important payment system in Ukraine.
SEP is a real-time gross settlement system (RTGS international classification). SEP allows payments in one of two modes: real time and batch mode.
In the real-time mode, funds are credited to a receiving bank’s account instantly, while in the batch mode, a payment from a remitting bank to a receiving bank may take 10 to 20 minutes on average.
The NBU, Ukrainian banks, and the State Treasury Service of Ukraine are participants of SEP.
SEP processes 1.4 million payments per day on average, valued at UAH 412 billion. However, SEP processing potential is much higher: the system is capable of processing almost 10 times more transactions.