Electronic Payments

26/ 09/ 2016

Cabinet of Ministers of Ukraine approved changes to documents that govern the activity of banks in the process of pensions and social payments as well as payments of salaries to employees of budgetary institutions.

One of the important step was the cancellation of the CMU Resolution №37 d.d. 20.01.2016. This resolution was established criteria to banks that may be authorized to provide payment of pensions, social payments and salary payments to employees of budgetary institutions. Established criteria violate the competitive environment in the banking sector, as gave a preference to state banks and requested to commercial banks for ownership of State bonds and to issue cards of domestic payment system.

In addition, the Government approved changes that will simplify process of interaction between banks with social protection institutions. Will be possible to exchange pensions enrolment lists in electronic form and pension cards issue with expiry date more than 1 year.

We thank the Ministry of Finance of Ukraine for effective cooperation and consideration of Associations proposals.

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