5 Mar 2024 13:04

NBU adds PrivatMoney, Moneycom to list of Ukraine's key payment systems

MOSCOW. March 5 (Interfax) - The National Bank of Ukraine (NBU) has added PrivatBank's PrivatMoney and Moneycom by Swift Garant LLC to the list of the country's important payment infrastructure entities following monitoring of payment systems' performance in 2023, Ukrainian media said, citing a statement published on the NBU website on Monday.

Meanwhile, JSC Ukrposhta's Postal Money Transfers has been removed from the list. As a result, the total number of key payment systems in Ukraine has increased from five to six.

MasterCard (MasterCard International Incorporated, U.S.), Visa (Visa International Service Association, U.S.), NovaPay (NovaPay LLC, Ukraine) and Financial World (Ukrainian Payment System LLC, Ukraine) remain on the list of key payment systems.

"As in previous years, the System of Electronic Payments [SEP] of the National Bank of Ukraine was recognized as the only systemically important payment system," the regulator said.

PrivatBank (NBU's SEP, MasterCard, Visa), First Ukrainian International Bank (PrivatMoney) and Treaty House Financial Company (Financial World) were recognized as important payment system participants based on the results of their performance in 2023.

PJSC Ukrainian Processing Center, AC DC Processing LLC and TAS Link LLC were recognized by the NBU as key providers of payment infrastructure services this year as well.

The NBU categorizes payment infrastructure entities by importance in accordance with international practice in order to boost their reliability and efficiency and in order to bring their activities in line with international oversight standards, it said.

Thus, the NBU imposes stricter requirements on payment infrastructure entities recognized as important in terms of activity organization and management, access to and participation in the payment system, risk management, settlement finality, cyber resilience, and business continuity management.