SEP payments up 16.5% to 423 million in 2023

In 2023, about 423 million payments worth almost UAH 210 trillion were made through the System of Electronic Payments (SEP).

This is evidenced by the data of the NBU, Ukrainian News Agency reports.

This is an increase of 16.5% in number and 58% in amount compared to 2022, during which 363 million payments were made in the amount of more than UAH 133 trillion.

More than 94% of the total number of payments through SEP in 2023 was made by banks on behalf of their customers.

From April 1, 2023, a new generation of the system (version SEP-4.0) was launched, thanks to which electronic payments became even faster, more convenient and safer.

This was one of the largest migrations ever made by financial institutions of Ukraine, as well as an impetus for the future development and modernization of information systems of Ukrainian banks and financial institutions.

Since that time, the system operates on the basis of the international standard ISO 20022 in 24/7/365 mode.

Taking this into account, on average, about 1.24 million payments worth about UAH 617 billion were processed in the SEP during the past year.

At the same time, the system is able to process almost 10 times more payments than current volumes within one day.

In addition, since the introduction of round-the-clock operation of the system, there has been a tendency to increase customer demand for the use of SEP at weekends.

So, if in April 2023 the number of payments, in particular on Saturday, averaged about 200,000, then in December it doubled.

Also in October 2023, for the first time, it was possible to make payments through SEP using the payment accounts of users of the non-bank payment service provider NovaPay LLC - through a bank that is simultaneously a member of the system and a servicing bank for this company.

Traditionally, the vast majority of payments last year were sent to the system by Ukrainian banks and their branches - 96% of the total number of payments.

According to the structure of payments in the system, in 2023, in terms of the number, small payments were most often processed:

- up to UAH 1,000 - 41%;

- from UAH 1,000 to UAH 100,000 - 55%;

- from UAH 100,000 - 4%;

In terms of the amount, the most payments came from large payments:

- up to UAH 1,000 - 0.1%;

- from UAH 1,000 to UAH 100,000 - 1.3%;

- from UAH 100,000 - 98.6%.

As Ukrainian News Agency earlier reported, the System of Electronic Payments of the National Bank (SEP) is the state payment system of the RTGS 24/7 class, which provides interbank payment transactions in hryvnia through accounts opened in the National Bank.

It provides 99% of interbank payments in national currency within our country.

The SEP is the only systemically important payment system in Ukraine, which is a complex and unique software and technical complex developed by specialists of the National Bank.

The National Bank is the operator and settlement bank of the system.

As of January 1, 2024, a total of 63 banks, the State Treasury Service of Ukraine and the National Bank were participants in the SEP.

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