NBU updates Instruction on Interbank Payment Transactions

The National Bank has updated the Instruction on the Execution of Interbank Payment Transactions in Ukraine in the National Currency in order to bring its norms into compliance with the Law of Ukraine "On Administrative Procedure" (the effect of which will apply to the National Bank from January 1, 2025).

This is stated in the message of the NBU, the Ukrainian News agency reports.

In particular, the regulator: 1) shortened the terms of consideration of documents:

- from the bank - which are submitted to obtain the permission of the National Bank to work in the System of Electronic Payments (hereinafter - SEP) according to the corresponding model of maintenance of a consolidated correspondent account (from 30 working days to 30 calendar days);

- from another institution - submitted for its inclusion in the SEP participants (from 60 working days to 30 calendar days);

 2) established the right of the National Bank:

- leave the documents of the bank / other institution without movement in the event that they submit an incomplete package of documents or issue them in violation of the requirements of the Instruction on the Execution of Interbank Payment Transactions in Ukraine in the National Currency;

- return the documents to the bank / other institution in case of failure to eliminate deficiencies within the established period;

 3) provided for informing the bank / other institution that the National Bank has left the documents without movement within three working days from the day of their receipt, indicating the identified deficiencies and the deadline for their elimination;

4) gave the right to the bank / other institution to submit a petition to the National Bank for an extension of the deadline for eliminating deficiencies;

5) provided for the possibility of renewal by the National Bank of the term of consideration of documents left without movement, in case of correction of identified deficiencies by the bank / other institution. The mentioned changes were approved by the Resolution of the Board of the National Bank of Ukraine dated October 5, 2024 No. 122 "On Approval of Amendments to the Instruction on the Execution of Interbank Payment Transactions in Ukraine in the National Currency", which will take effect from October 9, 2024.

As the Ukrainian News agency earlier reported, the other institution is a financial institution or payment service provider that is not a bank, whose right to participate in the SEP is stipulated by legislation, and which ensures the fulfillment of the National Bank's requirements for participation in the SEP.

To request a correction, please send an email.