Ukraine plans to implement instant payments based on the National Bank's electronic payment system, which is intended to transform the financial market. This was announced by the head of the National Bank, Andrii Pishniy.
At the moment, work continues on the issues of regulation of instant payments and their technological implementation, as reported by the National Bank. Instant payments are expected to 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 Poddyerogin, said that the transition to a new generation of the Electronic Payment System significantly accelerated the process of fund transfers.
From April 1, members of the Electronic Payment System have the opportunity to transfer 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 time to two seconds). The new generation of the Electronic Payment System of the National Bank started working on April 1, 2023, working on the basis of the ISO 20022 international standard and enabling interbank payments 24 hours a day, seven days a week.
