Ukrainian Payment System
The general principles of functioning of payment systems in Ukraine shall be regulated by the laws of Ukraine 'On the National Bank of Ukraine' , 'On Banks and Banking', 'On Payment Systems and Funds Transfer in Ukraine', 'On the Postal Communication' and other legislative acts of the National Bank of Ukraine.
In accordance with Article 7 Of the Law of Ukraine 'On the National Bank of Ukraine', the National Bank of Ukraine shall create, coordinate and control the creation of payment systems.
Domestic bank and non-bank payment systems may be created in Ukraine.
Domestic bank payment systems include interbank settlement systems, mass payment systems and intrabank payment systems.
The National Bank of Ukraine has created and ensures functioning of the interbank settlement system (the System of Electronic Payments) and retail payment system (the National System of Mass Electronic Payments).
The procedure for operation of the payment system is determined by the rules established by the payment institution of the corresponding payment system. If a payment institution is a resident, the rules of domestic payment system and international payment system have to be agreed by the payment institution of the payment system and the National Bank of Ukraine.
The mandatory function of the payment system is to transfer funds.
The interbank funds transfer is carried out within three business days.
The intrabank funds transfer is carried out within a time period established by internal bank enactments, but it cannot exceed two business days.
The funds transfer involves the use of payments instruments.
The payment instruments include transfer documents (settlement documents, cash transfer documents, interbank settlement documents, clearing claims and others) as well as other means of payment (payment cards, mobile payment instruments, etc.)
Processing and transfer of electronic and paper transfer documents, documents required for transactions involving special means of payment and withdrawal documents can be carried out through national (domestic) and international payment systems operating in Ukraine.
Supervision (oversight) and control over activities of the payment systems operating in Ukraine is exercised by the National Bank of Ukraine.