BANKING. NEW LEVEL.

The Verkhovna Rada of Ukraine has registered a bill № 4364 on payment services, which can significantly modernize the regulation of the Ukrainian market of payments and money transfers.

This bill in the financial market is called the Open Banking Bill. Although it is more about the new level of payment services, quality and customer focus. We are confident that the new law will create conditions for further development of payment products, services and services. New entrants will be able to enter the market, which will promote healthy competition. Thanks to this, customers will be able to get new convenient services - better quality and at a better price. Users will also feel stressed, said Deputy Chairman of the NBU Alexei Shaban.

The adoption of this bill will allow to adapt the legislation of Ukraine to the EU legislation, forming a legal basis for the integration of the Ukrainian payment market with the European one. In addition, it will contribute to the modernization of the payment market of Ukraine and create a basis for its further development.

The provisions of this document are aimed at changing outdated approaches to the legal regulation of the payment market, expanding the range of payment service providers and streamlining their activities in the payment market, establishing rules for payment services in Ukraine and requirements for payment service providers, strengthening consumer protection. , improving the security and efficiency of payment services, promoting innovation.

The new regulation of the payment market envisages the following key changes in the payment services market:

There will be nine payment services, of which seven are financial payment services and two are non-financial; the circle of their providers will also be determined;

requirements will be set for the authorization of payment service providers and the introduction, in particular, of the possibility of establishing and operating small payment institutions with simplified requirements for them. Payment service providers will acquire the status of financial institutions at the same time as the right to provide payment services;

non-bank financial institutions will be able to carry out payment transactions without mandatory participation in payment systems;

Not only banks but also other licensed payment service providers will be able to issue electronic money and issue payment cards;

will determine the powers of the National Bank to create a regulatory platform for testing services, technologies and tools in the payment market, based on innovative technologies, the operation of which involves close cooperation with startups and understanding of their needs;

will be the basis for the introduction of 'open banking' in the payment infrastructure of Ukraine;

Accounts will be identified that will be able to be opened by payment service providers to perform payment transactions, in particular, non-bank payment service providers will be able to open and maintain payment accounts;

payment terms will be more transparent and customers will receive more information about them;

Increased attention will be paid to the protection of users' rights, in particular to minimize cyber fraud, increase liability for illegal actions with payment instruments and means of access to bank and / or payment accounts, etc .;

security requirements for payment transactions will be increased, in particular with regard to the need for payment service providers to use enhanced user authentication in certain cases.