New rules for payment transfers will come into effect in Ukraine on October 1, 2025. The National Bank of Ukraine (NBU) will require banks and financial institutions to disclose full information about payment recipients before they are made. The decision is aimed at increasing the transparency of financial transactions, reducing fraud, and strengthening consumer protection.
Thanks to the new requirements, anyone who makes a payment or transfers funds will be able to see:
Recipient information – their name or unique payment identifier.
Account number (IBAN) – for legal entities and individual entrepreneurs.
EDRPOU code – for companies.
Tax number or passport data – for individuals.
This information will be available to the user before the payment is confirmed, which will help avoid erroneous transfers or fraudulent transactions.
How will this affect financial transactions?
Safer payments – citizens will gain more control over their finances, as they will be able to verify the recipient before transferring.
Less fraud – it will be harder for criminals to hide their accounts behind anonymous transfers.
Clearer reporting – it will be easier for companies to track financial flows and keep accounting records.
What else will change?
The new rules will also apply to the processing of payment instructions. They will necessarily contain:
- date and time of the transaction;
- name of the bank or payment service;
- amount and currency of the payment;
- commission (if any);
- purpose of the payment;
- acquirer identifier (for card payments).
Why is this important?
The NBU's innovation is another step towards financial transparency and consumer protection. Thanks to the ability to verify the recipient before transferring, Ukrainians will be able to avoid fraudulent schemes and accidental payment errors.
Recall that from March 31, 2025, the NBU is also changing the procedure for setting the official hryvnia exchange rate against foreign currencies, which is part of large-scale reforms in the country's financial system.
