National Bank of Ukraine lays down procedure for non-cash payments in national currency by payment service users

MOSCOW. Aug 1 (Interfax) - The National Bank of Ukraine has laid down a procedure for non-cash payments in the national currency by payment service users consistent with the new laws, the Ukrainian media said on Friday with the reference to the regulator's press service.

"These are new payment market regulations, as the law allows non-bank payment service providers to open payment accounts for payment service users and perform payment transactions from such accounts based on their payment orders," the report said.

The respective amendments were endorsed by Resolution 163 of the National Bank Board dated July 29. The document was published on the regulator's website. It takes effect on the day the Law on Payment Services enters into force.

The resolution refers to such payment service providers as payment institutions, branches of foreign payment institutions, e-money institutions, and postal operators.

The new guidelines from the National Bank define the mandatory details of payment orders and payment order form filling requirements, the payment procedure, including the initiation of a transaction, the transaction approval or denial, the withdrawal of a payment order, as well as the procedure in which payment service providers could freeze funds on users' accounts.