The new regulations are outlined in Resolution No. 135 of the NBU Board, titled “On Approval of Amendments to the Instructions on the Procedure for Opening and Closing Accounts for Users by Payment Service Providers for Account Maintenance,” and became effective on November 21, 2024.
Key Changes in Account Management
Enhanced Capabilities for Non-Bank Payment Service Providers
Under the updated resolution, non-bank payment service providers are now authorized to open payment accounts with other non-bank payment service providers exclusively for the purpose of conducting payment transactions using their own funds. This change aims to foster greater collaboration and efficiency within the non-bank financial sector, enabling smoother and more streamlined payment operations.
Modernized Electronic Signature Requirements
The NBU has broadened the scope of acceptable electronic signatures for users, allowing for:
- Qualified Electronic Signatures
- Digital Handwritten Signatures
- Advanced Electronic Signatures with Qualified Certificates
- Other Electronic Signatures as specified in agreements between users and payment service providers
These provisions provide users with greater flexibility in managing their accounts and conducting transactions electronically, ensuring that digital interactions remain secure and legally binding.
Removal of Handwritten Signature Mandate
A notable amendment is the elimination of the requirement for users to provide a sample handwritten signature when performing transactions. Previously, individuals, sole proprietors, independent professionals, trustees, or other authorized persons were mandated to sign documents in person. This requirement has been removed to accommodate users who, due to illness or other reasons, are unable to sign documents physically. The NBU emphasizes that this change will reduce barriers for these individuals, facilitating uninterrupted access to account services.
Special Regime Current Accounts
The resolution also clarifies that current accounts with a special regime, opened in accordance with Ukrainian laws or acts of the Cabinet of Ministers, continue to be treated as standard current accounts. This ensures consistency and clarity in the classification and management of such accounts.
Clarifications on Account Management and Payment Instructions
The NBU has provided further clarification regarding the roles of individuals authorized to manage accounts and sign payment instructions. This includes defining the responsibilities and authorities of account managers and signatories to ensure secure and efficient account operations.
Strategic Implications
These regulatory updates reflect the NBU’s commitment to modernizing Ukraine’s financial infrastructure, enhancing the operational capabilities of payment service providers, and promoting greater inclusivity and accessibility in financial services. By leveraging advanced electronic signature technologies and removing outdated procedural barriers, the NBU aims to support the dynamic needs of both service providers and users in a rapidly evolving financial landscape.
Conclusion
The National Bank of Ukraine’s amendments to the account opening and closing procedures mark a progressive step towards a more flexible and technologically advanced financial system. These changes not only facilitate better service delivery by payment service providers but also ensure that users have seamless access to their financial accounts, irrespective of personal circumstances. As Ukraine continues to rebuild and modernize its economy, such regulatory enhancements are crucial in fostering a resilient and inclusive financial environment.
