Ukrainian bank will pay round the clock

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The National Bank stated that the implementation of interbank transfers in the new regime is voluntary

Ukrainian banks will pay round the clock. Photo: alborzchange.com

From August 3, the National Bank of Ukraine (SEP) system of electronic payments will change to an extended work schedule. Thanks to this, interbank payments using the system will become available 23 hours a day, 7 days a week (23/7). This is the first phase to conduct a round of BOT, the NBU said.

As mentioned in the press service of the regulator, financial institutions performing interbank transfer of funds through BOT in 23/7 mode is a voluntary option.

“Such an innovation would allow time-sensitive payments, and also increase customers’ access to financial services and increase the share of cashless payments,” National Bank noted.

The same decision was made by NBU decision number 408 of 18 June.

The initial start of BOT operation in 23/7 mode was planned 30 calendar days after the end of quarantine. This was due to “an understanding of the difficulties experienced by bank employees due to bank quarantine”, the National Bank noted.

However, due to the adaptive quarantine model introduced by the government, the National Bank set a specific time frame for the introduction of BOT in 23/7 mode, so that participants in the system could make calculations and plan their activities under quarantine. To make. Banks will be able to decide independently at the beginning and end time of work at EPA based on their needs and customer needs.

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Recall, Yaakov Smoly, head of the National Bank of Ukraine, talked about the anti-crisis measures the regulator introduced during quarantine to ensure high-quality and uninterrupted operation of the financial system.

Therefore, there are five major decisions in the National Bank’s anti-crisis formula: loans, deposits, currency, payments and the functioning of the banking system. Smolley once again emphasized that the NBU does not impose any restrictions on the banks or their operations, remembering that National Bank canceled the fees on the operation of electronic payment system (BOT) at the time of quarantine.

Read: Top 8 trends of digital payments in 2020

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