Transfers in euros – Ukraine will join the SEPA payment system

The National Bank of Ukraine is actively working on joining Ukraine to the single area of ​​payments in the European currency SEPA. About it reported NBU press service on Facebook.

They note that the NBU is negotiating with the European Payments Council (EDS), which coordinates the activities of SEPA. In particular, last week an online meeting of specialists from the National Bank and EDS was held with the participation of the Deputy Chairman of the NBU Alexey Shaban and CEO of EDS Etienne Goossduring which they discussed both the very idea of ​​Ukraine’s accession to SEPA and the technical aspects of integration with SEPA members.

“We are grateful to the European Payments Council for its readiness to support the National Bank of Ukraine on the way to deeper integration of the Ukrainian and European payment markets and Ukraine’s accession to SEPA, – Alexey Shaban said. “We plan to continue the dialogue and expert discussions in order to jointly define clear criteria for this process, develop a roadmap and a step-by-step plan for rapid integration.”

Read also: When the PayPal payment system will enter the Ukrainian market – NBU comment

EMF will also help to assess the Ukrainian legislation on payment services, financial monitoring, currency regulation and protection of economic competition for compliance with the European one. This is a key prerequisite for SEPA integration.

Ukraine’s accession to SEPA will help to simplify the entry into the EU market for Ukrainian business and reduce technical barriers for Ukrainian fintech to enter the EU financial services market and reduce the cost of money transfers from EU countries.

Recall The National Bank of Ukraine has been implementing a campaign to collect small coins for the needs of the Armed Forces of Ukraine for three months. Change points will work from August 1 to October 31, 2022 in branches of authorized banks – Sberbank and FUIB.

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