Ukraine’s national bank initiates process to join Euro SEPA payment system in 2024

The New Voice of Ukraine
·2 min read
In 2024, the NBU plans to join Ukraine to the single zone of payments in euros
In 2024, the NBU plans to join Ukraine to the single zone of payments in euros

Ukraine’s National Bank (NBU) plans to kickstart Ukraine’s accession to the Single Euro Payments Area (SEPA) in 2024, chairman Andriy Pyshnyi wrote on Facebook.

This move comes on the heels of the European Council’s decision on Dec. 14 to commence negotiations on Ukraine’s accession to the EU.

Read also: National Bank accepts dollar exchange rate jumps

“The European Council made a historic decision on Dec. 14 to start negotiations on Ukraine’s accession to the EU! We currently have an unprecedented level and intensity of relations with the EU, which will only grow with the start of negotiations,” said Pyshnyi.

The NBU’s goal is to ensure compliance with European norms and standards through the implementation of relevant EU legislation.

Read also: PrivatBank regains ownership of its office building in Dnipro

“Yes, we have made significant progress in improving legislation for the non-banking sector, and from the beginning of 2024, a transitional period for the insurance market begins, ultimately bringing us into full compliance with European regulatory and supervisory standards,” said Pyshnyi.

He added that the NBU will also support a high pace of modernization of banking legislation. Currently, the focus is on refining capital structure requirements for banks, further enhancing the reliability of the Ukrainian banking system.

Earlier, in August 2022, the NBU stated that Ukraine could join the SEPA payment system.

Read also: Monobank now selling forex for term deposits

According to the national bank, joining SEPA will be a landmark event for Ukraine’s Eurointegration, providing new opportunities for the Ukrainian economy.

This includes facilitating market entry to the EU for Ukrainian businesses, reducing technical barriers for Ukrainian fintech in accessing the EU financial services market, and lowering the cost of money transfers to/from the EU.

We’re bringing the voice of Ukraine to the world. Support us with a one-time donation, or become a Patron!

Read the original article on The New Voice of Ukraine