The electronic payment system of Ukraine is being modernized according to the European international standard ISO 20022

Thursday, May 27, 2021
1 MIN
The electronic payment system of Ukraine is being modernized according to the European international standard ISO 20022

The payment infrastructure of Ukraine will be transferred to ISO 20022 by early 2022

According to the Head of the National Bank of Ukraine Kirill Shevchenko: “Our next global project is the transfer of the payment infrastructure of Ukraine to the international standard ISO 20022. This standard will provide banks, businesses with new opportunities, reduce transaction costs and increase the security of delivery and security. Also together with the Ministry of digital transformation, we regulated the possibility of using the mobile application “Dia” for remote identification of clients and receiving financial services. In addition, it can be done through the Bank ID system of the National bank of Ukraine — it is the State system of remote identification which is developed by the National Bank”, noted Shevchenko.

At this stage, 34 bank-identifiers are connected to ISO 20022. Thanks to this 99% of the users of the Ukrainian payment market have access to the online services of the Bank ID system.

“The National Bank’s 2021 task — to make the Bank ID system accessible to every Ukrainian, because it saves time and simplifies access to state, commercial and financial services”, has said Kirill Shevchenko.

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