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Tuesday, March 31, 2020

National Bank of Ukraine boosts electronic payments system

Participation in the electronic payments system of the National Bank of Ukraine jumped by 3 percent in the first three quarters of 2013, leading to an 8 percent increase in the value of transactions over the same period in 2012.

Ukraine uses EPS, a nationwide systems of interbank payments providing for the transfer of money through correspondent accounts and other participants using electronic receipt, processing, transfer and protection of funds.

In the first nine months of the year, according to Natalie Syniavska, the general director of the bank's Department of Information Technology and Payment Systems, 1,378 initial payments were processed on average each day, with electronic payment messages of approximately $1.5 billion.

Syniavska said the EPS continues to successfully perform the functions of the state system of interbank payments while still meeting the needs of those participating in the transfer of funds.