On April 1, Raif, as the entire banking system, is switching to the international standards ISO 20022 for UAH transactions
Make all the necessary settings and important payments beforehand.
During the night of March 31 to April 1, 2023, Raiffeisen Bank, together with the entire banking system of Ukraine, will switch to the new-generation electronic payments system of the NBU – SEP 4.0 and implement the international standards ISO 20022 for domestic currency transactions. This will take place according to the NBU Board resolution No. 93 of 16.09.2021.
The NBU is implementing ISO 20022 standard only for IBAN–IBAN payments, so the changes will not extend to the transactions with banking cards and securities, or trading and commercial transactions.
In this connection, we advise that our customers should perform all the important payments and transactions in UAH until March 31, 5 p.m. After the entire banking system of Ukraine switches to SEP 4.0, a certain period of stabilization is expected (several weeks*).
How will Raif’s remote channels and certain services operate during the period of switching to ISO 20022?
Raiffeisen Business Online:
- March 31 (Friday) – all the payments in UAH sent after 5 p.m. until 22 p.m. will be executed (including the payments requiring additional check by the bank);
- From March 31, 10 p.m., until April 1, 07:00 a.m., it will be possible to log-in to the system, create payments and send them to the bank, but payments will NOT be executed (including internal banking payments);
- April 1 (Saturday) from 07:00 a.m. to 3 p.m.*– the system will NOT be available for log-in, which means that payments will NOT be executed and payroll statements will not be processed;
- April 1, after 3 p.m. * the log-in to the system will be renewed and ALL payments will be executed gradually.
Client-Bank System (Bifit):
- March 31 (Friday) – all UAH payments sent after 5 p.m. until 10 p.m. will be executed (including the payments not requiring additional check by the bank);
- from March 31, 10 p.m., to April 1, 2023, 3 p.m.* an opportunity to log-in to the system, create payments and send them to the bank will be available, however, payments will NOT be executed (including internal banking payments), the statements will not be updated, payroll statements will not be processed during this time either;
- April 1 (Saturday) after 3 p.m. ALL the payments are expected to be gradually executed.
Raiffeisen Online:
- From March 31, 10 p.m., to April 1, 3 p.m.*, only the menu for payments “based on IBAN details” will not be available. The rest of the functionality will operate as usual.
Acquiring – the coverage under acquiring transactions for March 31 – April 2 will be credited and the statements will be sent on April 3 (Monday) during the day.
Cash collection – the cash collected will not be credited to the accounts from 10 p.m., 31.03.2023 (Friday), to April 01, 2023 (Saturday), 3 p.m.*.
* Please pay attention that the specified timeframes are approximate and may change depending on the success of updates at the level of the NBU and banks.
We remind you that in view of the implementation of ISO 20022 standards, legal entities and individual entrepreneurs using Raiffeisen Business Online must solve the issue of setting/updating their internal systems, which they use, by April 1, 2023. This will allow making the document import transactions correctly after the change of the import file format.
If upgrades on the customer’s side are performed earlier than at the bank, the document import will be performed correctly. If the customer does not cooperate with the counterparties (recipients) who have no EDRPOU code, or whose code consists of nine figures, then the import file format does not have to be changed and the existing format may be used. The export file documents will remain unchanged.
For more details please visit the website of Raiffeisen Bank, as well as the website of the NBU.
