Ukraine plans to introduce instant payments based on the National Bank's Electronic Payments System, which is intended to transform the financial market. This was announced by the Chairman of the National Bank, Andriy Pyshny.
Work is currently underway on the regulation of instant payments and their technological implementation, the National Bank reported. It is expected that instant payments will be available by the end of the first quarter of 2025.
Director of the Department of Payment Systems and Innovative Development of the National Bank, Andriy Podderyogin, said that the transition to a new generation of the Electronic Payment System has significantly accelerated the process of transferring funds.
From April 1, participants of the Electronic Payment System have the opportunity to credit funds to the recipient's account within an hour. It is planned that from 2025, instant credit transfers will begin to operate in Ukraine, in which funds will be credited to the recipient's account in 10 seconds (the goal is to reduce this period to two seconds). The new generation of the National Bank's Electronic Payment System began operating from April 1, 2023, operating on the basis of the international standard ISO 20022 and providing the ability to conduct interbank payments 24 hours a day, seven days a week.
