NBU recommends using unified names for transfers between accounts in payment applications

The National Bank of Ukraine recommends that payment service providers use the same names for credit transfer and instant credit transfer payment transactions in their payment applications.

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

The recommendations were developed based on the results of joint work with payment services market participants.

Their goal is to simplify the interaction between payers and recipients of funds. In particular, when purchasing goods and services, unified payment transaction names will help buyers and sellers agree on the desired payment method more easily and quickly. Buyers will initiate exactly the payment transaction that the seller needs in accordance with its business model.

Thus, the introduction of unified names will allow Ukrainian users to form an unambiguous and unified understanding of what kind of payment transaction is being referred to at the stages of agreeing on a payment method, initiating it in a payment application, and after it is completed. At the same time, it will be easier for account maintenance payment service providers to offer their customers services related to credit transfer and instant credit transfer.

Thus, the NBU recommends using the following names:

• for a regular credit transfer of funds - "transfer to IBAN" or "payment to IBAN";
• for an instant credit transfer - "instant transfer to IBAN" or "instant payment to IBAN";
• for a separate menu or section of the payment application in which such payment transactions are initiated - "Transfers".

The NBU advises payment service providers to use and display the following unified names:

• in the payment application menu;
• when initiating a payment transaction and when the payer gives consent to its execution;
• in statements / reports / history / receipts about payment transactions;
• when informing the recipient (seller) about the receipt of funds.

At the same time, each bank or payment institution can independently decide how the interface of their applications will look like and where the relevant sections will be placed.

Taking into account the value for the payer of the speed of crediting funds to the recipient (seller) when making an instant credit transfer, the payment service provider must ensure that the payer can easily find and clearly select the option "instant transfer to IBAN" or "instant payment to IBAN" in the payment application among other payment transactions.

As the Ukrainian News agency earlier reported, the NBU recommends banks to take effective measures in identifying shell companies during financial monitoring.

To request a correction, please send an email.