NBU Simplifies Payment Initiation Process in Open Banking

According to a report by Ukrinform, the press service of the National Bank of Ukraine (NBU) has announced important changes in the procedure for initiating payments in open banking. The updated requirements, which pertain to item 24 of Section II of Regulation No. 80, have removed the obligation for payment service providers initiating a payment operation (PISP) to fill in the payment instruction detail regarding the 'name of the payment service provider of the recipient.'

Instead, the new rules stipulate that the payment instruction detail 'name of the payment service provider of the recipient' will be filled in by the account servicing payment service provider (ASPSP). This means that payers are no longer required to provide this information themselves, significantly simplifying the payment initiation process.

Thanks to these changes, the payment instruction provided by the payer will include all mandatory details outlined in item 37 of Section II of the Instruction on Cashless Payments in the National Currency for payment service users. This instruction was approved by the NBU Board Resolution No. 163 on July 29, 2022, which has also undergone certain amendments.

The primary goal of these changes is to simplify the use of open banking services for users. The NBU aims to make the payment process more convenient and accessible, which, in turn, will foster the development of financial technologies in Ukraine.

Additionally, it is worth noting that a pilot project called 'eCheck' was recently launched in Ukraine, which is part of the state program for electronic checks in banking. This project is also designed to modernize financial services, providing users with new opportunities for cashless transactions.

Thus, the changes initiated by the NBU represent an important step towards improving the financial system of Ukraine, aligning it with modern market demands and consumer needs. The implementation of such innovations can significantly enhance the user experience of financial services, simplifying access to them and increasing their efficiency.

For further information and the latest news, users can join the official NBU channels on Telegram, Instagram, and YouTube, where news and updates regarding financial services in Ukraine are regularly published.