The National Bank launches a new system for instant credit transfers.

Ukrainians will be able to use the new version of the NBU electronic payment system from December 1, 2024

From December 1, 2024, Ukrainians will be able to use the new version of the National Bank's electronic payment system - SEP-4.1. The updated system allows for instant credit transfers.

All participants of SEP have successfully transitioned to the new version of the system. It operates 24/7, without breaks.

The NBU explained that an instant transfer via SEP is an operational payment transaction, whereby funds are credited to the recipient's account instantly. It can be executed by both individuals and legal entities.

Speed and limitations of the system

The maximum Time for making an instant SEP transfer is 10 seconds, and the maximum amount for a single payment is capped at 100,000 UAH, which is the most optimal solution for most citizens' payments.

Advantages of instant SEP transfers for citizens

• fast crediting of funds to the recipient in real-time, especially during the payment for goods and services;
• convenient initiation of payments through payment applications and sharing of payment details among users via QR codes or Deeplink.

Advantages of instant SEP transfers for businesses

• reduction of operational costs due to SEP tariff policies and effective liquidity management;
• improvement of customer service due to 24/7 payment availability through SEP.

Advantages of instant SEP transfers for the Ukrainian economy

• acceleration of the digitization of financial services and the development of cashless payments;
• increased competition among payment systems and services, leading to greater transparency and reduced transaction costs;
• potential for future integration with international instant transfer systems, including those from the EU.