From November 22, all transfers in Ukraine will be monitored: what will change.

Digital Transformation of the Banking Sector

According to inkorr.com: Starting November 22, Ukraine will begin monitoring all money transfers in digital format. This was announced by the Institute for Economic Development through its director Oleksandr Honcharov.

Also, in the second half of November, international payments and reserve settlements through SWIFT will switch to a single ISO 20022 CBPR+ standard. This will be an important step in the digital transformation of the banking sector on a global level, with updates in systems and payment technologies.

Global Changes

Key points of the transition:

• abolition of the old SWIFT MT format;
• transition of more than 11 thousand banks and financial institutions to digital data exchange;
• compatibility of the new format with blockchains and central bank digital currencies.

The transition will occur in stages: the new standard will begin to operate from November 17, and from November 22, the system will fully switch to the ISO 20022-only mode.

Integration of Blockchain Platforms

Several platforms have already integrated into the system. For interbank operations and other payments, Ripple (XRP), Stellar (XLM), Algorand (ALGO), Hedera (HBAR), and Quant (QNT) will be used.

A New Era in the Monetary System

Expert Honcharov notes that after November 22, every transaction will be monitored, and liquidity will become programmable. Starting from 2026, active integration of central bank digital currencies and tokenized assets is expected, marking the beginning of a new era in the monetary system.

'This is the end of the era of paper transactions and the beginning of digital control, where blockchain becomes an official part of the banking infrastructure.'

It was also previously reported about the possible consequences of changes in money transfers.

The Ukrainian banking sector is preparing for a digital revolution together with global financial institutions, which will simplify and improve the processes of payments and money transfers.

This innovation opens new opportunities for Ukrainian banks, ensuring greater speed and security in financial operations. The implementation of the new standard confirms the country's commitment to integration into the global financial system and improving services for clients.