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NBU determines procedure for making interbank payments in new 24/7 SEP from April 1

KYIV. March 7 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) has settled the issue of performing interbank payment transactions in the country in the national currency through a next-generation system of electronic payment (SEP), which will work from April 1 based on the international standard ISO 20022 and around the clock (24/7).

“The round-the-clock operation of the SEP provides for the execution of interbank payment transactions without suspending the operation of this system and an instant transition from the current to the next calendar day. The amount of the executed payment instruction will be displayed on the account of the SEP participant by the date of the calendar day in which it was carried out through the SEP,” the National Bank said in a report on its website.

At the same time, the NBU said that the rule on the mandatory crediting of funds for a payment transaction to the recipient’s account within an hour will become mandatory in a year – from April 1, 2024.

The regulator said that the new procedure for conducting interbank payment transactions through the accounts of SEP participants regarding the rules for the creation, exchange, and processing of electronic reports has been established, and the procedure for performing interbank payment transactions in hryvnia through correspondent accounts opened by resident banks in other resident banks has been updated.

According to the release, the relevant changes are enshrined in NBU Board Resolution dated March 3, 2023 No. 16 “On Approval of the Instruction on the Execution of Interbank Payment Transactions in Ukraine in the National Currency,” which will come into force on April 1, 2023.