At the extended-format meeting of the NBU, the topic raised was about streamlining the registration process of payment systems, their members and providers of infrastructure services, including international e-payment and settlement systems in Ukraine. The meeting was attended by over 30 market players, including specialists from the National Bank of Ukraine, international payment systems, banking associations and banks in Ukraine, according to the post on the regulator’s website.
The meeting, giving PayPal online payment system as example, tackled an issue of regulating diverse international e-payment systems in Ukraine. In particular, its attendees welcomed the possibility of new players to enter the market of payment systems in Ukraine, underlining that the procedure for registration of payment systems, their stakeholders and payment service providers is set out in the relevant regulatory documents of the NBU. Thus, to increase the chance of new participants to enter the market, some amendments should be made to the NBU’s rules and regulations. In the participants’ opinions, foreign exchange controls and monitoring of transactions made via online payment systems should be studied in detail. At the end of the meeting the participants decided to prepare proposals to amend the rules regulating the function and activities concerning the payment systems.
Deputy Chair of the National Bank Vladislav Rashkovan noted that a special task force comprising the NBU’s experts, members of professional associations, and specialists from Deloitte and Baker & McKenzie had been created to examine how to improve efficiency of the international payment systems in Ukraine. Presently, the group is analysing the obstacles identified during the operation of the international online payment systems in Ukraine, including the Internet-based e-money issuers (for example, PayPal). Case studies to be made by the task force will help improve existing NBU’s regulations and build preconditions for smooth operation of the international payment systems in Ukraine.
