The National Bank of Ukraine (NBU) has drawn up recommendations for submission of document with the purpose of agreeing on conditions and the rules of operation of an international payment system, the payment organization of which is nonresident, in the country, the central bank has reported on its website.
“This document is intended to support partnership relations with payment market players and simplify the process of preparing documents that, in accordance with the law, are sent to the National Bank of Ukraine for registration of an international nonresident payment system,” the NBU said.
The recommendations include the procedure for issuing and submitting documents to the NBU, a description of the provisions that should contain the documents, as well as a list of Ukrainian legislative acts and documents of international organizations that should be used to submit documents to agree on the terms and conditions of the international payment system.
Payment organizations of international payment systems have the right to carry out activities in Ukraine only after their registration by entering information about them into the register of payment systems, settlement systems, participants in these systems and payment infrastructure service operators, which is kept by the NBU.
The NBU enters information into the register on the international payment system, the payment organization of which is a nonresident, after agreeing the conditions and the order of the activity of this payment system in Ukraine.
Currently, the register contains information on 10 international nonresident payment systems, of which three are international card payment systems and seven are international money transfer systems.
The share of payment systems created by banking and non-bank resident institutions in Ukraine in the amount of money transfers to the country in the first half of 2018 was 15.6% compared to 4.8% in 2017, the National Bank of Ukraine (NBU) has said. According to data on its website, if over the past year $113.7 million was transferred to the country through Ukrainian payment systems, then for the six months of this year some $189 million.
The statistics of the National Bank contains no data on the turnover of specific Ukrainian systems in this market, it gives only their share in the market of transfers within Ukraine, the total volume of which amounted to UAH 69.34 billion (almost $2.6 billion compared with $4.45 billion for the entire year of 2017).
Here the leader was the TYME payment system, whose registration the National Bank canceled on June 22 this year, with 42.78%, followed by Postal Transfer from Ukrposhta with 27.98%. They are followed by Financial World (Finansovy Svit) with 7.2%, City24 with 6.73%, InterPayService with 5.34%, Flashplay with 4.43%, while each of the following 22 systems has a share less than 1%. The National Bank specifies that according to the number of participants the leaders in the first half of the year were Post Finance LLC with 44.34% and Ukrposhta with 27.97%.
Regarding the systems created by non-residents, the leader among them remains Western Union, which increased the gap from MoneyGram: if in 2017 their share in transfers to Ukraine among non-residents was 54.5% and 23.8% respectively, then in the first half of 2018 some 56% and 23% respectively. The share of IntelExpress ranking third fell from 12.7% to 9%.