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System of Electronic Payments

The National Bank of Ukraine has established a national electronic payment system called SEP to process hryvnia settlements between banks and clients within Ukraine. The NBU is the payment institution and settlement bank for the SEP.

The SEP ensures secure and reliable transfers of funds between banks.

The SEP services 97 % of interbank payments in Ukraine, which makes it a systemically important payment system.

The SEP is a real-time gross settlement system (RTGS international classification) and it allows payments in real time and batch mode.

In real-time mode, funds are credited to a receiving bank’s account instantly, whereas in batch mode, a payment from a remitting bank to a receiving bank may take an average 10 to 20 minutes.

The NBU, Ukrainian banks, and the State Treasury Service of Ukraine are participants in the SEP.

The SEP processes 1.8 million daily payments on average at a value of UAH 229 billion. However, its capacity is much higher: the system is capable of processing almost 10 times more transactions.