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New ISO20022 payment standard for national currency transactions - approximately from 20.08.2022

 | Raiffeisen Bank Aval

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 #3 | Raiffeisen Bank Aval

What ISO20022 is?

International message exchange standard prepared by ISO TC68 Financial Services Technical Committee implemented by the National Bank of Ukraine  the payment infrastructure of Ukraine. 

The standard applies to IBAN–IBAN payments and does not concern security transactions, banking cards, trading and conversion transactions.

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Payment space

To align Ukrainian payment space with the world one

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Payments banking details

To supplement payments banking details with additional information

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Servicing and payments efficiency

To enhance the level of servicing and payments efficiency

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Payment instruments

To extend payment instruments functionality

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Payments automation

To increase the level of payments automation

“Development of Ukrainian payment infrastructure” project implementation schedule

Показати ще

The new Law On Payment Services  and Standard ISO20022 are approved

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  • The whole banking system will be transferred by the NBU to the new version of Electronic Payments System (EPS) that will operate in 24/7 mode (the banks will not have to support 24/7 operation schedule; the notions of operational day and operational time will continue to apply)
  • Payment order, payment claim and other forms of payment documents are replaced with payment instructions, which, in addition to the sender and the beneficiary, will provide for new non-obligatory payment participants (roles) : actual sender, actual beneficiary, initiator
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  • The field of the payment purpose is shortened from 160 to 140 symbols
  • Approach to payment processing changes, from now on the value date will be specified (clause 2 of Article 47 of the Law)
  • The NBU in 24/7 mode will define the date of the payment processing for the transition period between the calendar dates (before the date of effecting payment was considered the date of sending by the bank-sender)
  • Changes in NBU regulatory documents setting forth the  procedure for generation of payment documents printed forms are expected
  • There are no plans from the NBU’s side to change requirements to obligatory details of personal accounts and of the customer’s statement (clause 61 of NBU Resolution No. 75)

Current situation and plans

As of today, updated NBU resolutions setting the requirements for ISO20022 Standard implementation and Law of Ukraine On Payment Services, in particular regarding customers servicing are expected.

The NBU answers to the  most frequent questions of the banks are provided here Frequently asked questions”.

More details will be disclosed upon receipt of all NBU requirements (expected at the beginning of Q3 2022).

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Voice of Customer on 24/ 7 payments

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Currently the payments effecting schedule in Raif is 19/7 (from 4:00 to 23:00) for legal entities, private entrepreneurs and individuals (IBAN-IBAN). This schedule allows to meet all business-needs of our customers.

But we are changing, so we will be grateful if you share your experience with us by filling out a short questionnaire.

Save information about ISO20022

We’ve put together the most important information about the new ISO20022 payment standard for local currency transactions to make it easier for you to share it with your counterparties.


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