Electronic Payments

13/ 12/ 2012

Following EBA Electronic Payments Committee’s initiative and efforts a Working Group under auspices of the Ministry of Social Policy (Ministry) was created. The aim of the Working Group is the organisation of data sharing between the Pension Fund (PF) and commercial banks in electronic form.

The existing procedures of data sharing between banks and PF for payments to card accounts (pensions, monetary aid) are problematic from the technical standpoint and are not justified for expenditures optimisation. The regulation of this issue (namely the requirements to provide data sharing both on paper and in magnetic devices) is envisaged by the part three of the point 17 of the “Procedure for Payment of Pensions and Financial Aid with Consent of Pensioners and Aid Recipients through Their Current Bank Accounts”, which is approved by the Cabinet of Ministers of Ukraine’s Resolution No 1596 dated 30 August 1999 (hereinafter – the Procedure).

The initiative to arrange data sharing between the PF and commercial banks in electronic form was raised in the frames of EBA Electronic Payments Committee in May 2012. Since then the EBA referred to the PF and the Ministry with the letters and suggestions as for this issue.

In September a Committee meeting with the representatives of the PF and the Ministry was organised, afterwards we have elaborated new proposals on this issue and involved the National Bank of Ukraine (NBU) into the discussion.

In October EBA Electronic Payments Committee came up with the proposal to the Ministry to organise a Working Group for the realisation of data sharing in electronic form. The first meeting of the Working Group took place on 6 December 2012. EBA Electronic Payments Committee, the Ministry, the PF, the NBU, the State Service for Regulatory Policy and Development of Entrepreneurship, the Ministry of Economic Development and Trade were included into the Working Group. At this stage the Working Group is considering the possibility of EBA’s proposal implementation which says that data sharing may be conducted through the System of electronic payments of NBU (SEP). One of alternative ways suggested by us was to create a single certified and secure remote centre of bank service (client-bank) which would be used for crediting pensions and financial aid to current account in electronic form. This option is also considered.

We will keep you informed about further activities of the Working Group and updates on this initiative.

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