NBU introduces ISO 20022 international standard and SEP-4.0 from April 1, 2023
The National Bank of Ukraine is introducing the international standard for the payment messages exchange ISO 20022 (hereinafter - ISO 20022) and the new generation of the NBU electronic payment system (SEP-4.0) from April 1, 2023, as part of the National Bank of Ukraine project "Development of Ukraine's Payment Infrastructure" implementation.
ISO 20022 is a standard that will help expand the functionality of the Electronic Payment System (EPS) and adapt it to work with the rules of the European Union. The standard is implemented for IBAN-IBAN payments and does not extend to transactions with securities, bank cards, trade and conversion transactions.
Thus, from April 1, 2023, all interbank payment transactions in hryvnia will be carried out taking into account the following changes:
- expansion of payment documents details (payment instructions);
- transition to daily processing of transfers in national currency, including weekends and holidays;
- possibility to carry out deposit return operations, auto-extension and payment of accrued interest on the deposit on weekends or holidays.
Also, for corporate clients, the bank will accept document import files for processing, both in the current format and in the new one (with an increased number of characters for certain fields). The format of the account statement remains unchanged.
The transition to international standards for the exchange of financial messages in the payment infrastructure of Ukraine will help to harmonize the Ukrainian payment space with the world; expand payment details with additional information; improve the level of service and payments efficiency; enrich the functionality of payment tools and increase the level of payment automation.
SEP-4 is the next generation of the state system of electronic interbank settlements. Distinctive features of SEP-4 compared to SEP-3 are:
- standardization of information exchange structures with SEP participants and depositories according to the ISO 20022 standard;
- the possibility of round-the-clock (24/7) functioning;
- application of a new modern system of cryptographic information protection.
Detailed information on the implementation of ISO 20022, as well as the implementation of the Project, including the methodology of the standard and the plan of measures for the implementation of ISO 20022, the basic principles of the construction of SEP-4, the principles and limitations on which the first version of SEP-4 will be built and its further directions of development, can be found on the NBU website at the link.
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Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
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