15 June 2018, Friday, 16:31 186

NBU Terminates Registration Of TYME International Payment System

Даша Зубкова

The National Bank of Ukraine has terminated the registration of the TYME international payment system.

The press service of the National Bank of Ukraine announced this in a statement, Ukrainian News Agency reports.

The central bank has terminated the registration of the TYME international payment system whose paying organization is the limited liability company FC OMP-2013.

The decisions were made by the NBU Board and the committee for supervision and regulation of banks' activities, and for oversight of paying systems of the NBU on June 14, 2018.

The reason for the decisions was information from the Security Service of Ukraine that TYME performs money transfers in cooperation with a Russian paying system banned in Ukraine. This poses risks to the national security of Ukraine.

The National Bank of Ukraine has warned all payment systems, including TYME, about inadmissibility of cooperation with payment systems that are under sanctions of Ukraine.

Following the termination of registration of TYME the National Bank of Ukraine made a decision to terminate registration of participants in the payment system.

The payment system must stop provision of services on money transfers before June 20.

As Ukrainian News Agency earlier reported, TYME international money transfer system renders financial services on transfer in the national currency throughout Ukraine and transfers abroad in the US dollar and the euro.

The portfolio of TYME has over 100 countries with more than 200,000 outlets.

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