The National Bank of Ukraine in partnership with the SWIFT Company has decided to launch a project to align Ukraine’s payments infrastructure with the international ISO 20022 standard. The Ukrainian central bank announced this in a statement, Ukrainian News Agency reports. "Payment systems’ performance plays an important role in the operation of modern economies. Moving to ISO 20022 is part of a wider development initiative intended to transform Ukraine’s payments infrastructure. The project aims to modernize Ukraine’s financial infrastructure to improve the country’s competitiveness and integration with global markets," the press service of the National Bank of Ukraine quoted NBU Deputy Governor Serhii Kholod as saying. According to the statement, one of the project’s objectives is to bring the System of Electronic Payments of the NBU (SEP) into compliance with international standards for financial messaging in order to: harmonize Ukraine’s payment area with that of the world; expand payment details by adding supplementary information; raise the level of services and the effectiveness of payments; enhance the capabilities of payment instruments to benefit banks and their clients; take payments automation to the next level. The statement reads that the efforts will simplify the interaction between Ukraine’s and the world’s payment systems through the use of straightforward and globally accepted standards. SWIFT will provide the Ukrainian central bank with its ISO 20022 expertise and support to help the Ukrainian regulator transform the country’s payments infrastructure. As Ukrainian News Agency earlier reported, the SWIFT company is one of developers of the ISO 20022 international standard and key specifications of payments used by the payments infrastructure worldwide. SWIFT has played an important role in ISO 20022 implementations in Europe (including SEPA and TARGET2-Securities). SWIFT works with major payment system operators (including the US Fed, CHIPS, the Bank of England, the Eurosystem, and EBA Clearing) to ensure a globally harmonized implementation of the ISO 20022 standard. SWIFT’s own cross-border business will migrate to ISO 20022 from 2021.