The national Bank has updated the approaches to the oversight of payment systems on the recommendation of the IMF

Нацбанк обновил подходы к надзору за платежными системами по рекомендации МВФ

The national Bank has updated the approaches to the oversight of payment systems in Ukraine in accordance with the recommendations of the International monetary Fund and the world Bank. About it reports “Glavpost” with reference to the press service of the NBU.

“The national Bank has updated the approaches to the oversight of payment systems in Ukraine in accordance with the recommendations of the International monetary Fund and the world Bank”, – stated in the message.

It is noted that in particular, the national Bank continued to implement the international standards of oversight in accordance with the recommendations of the IMF and the world Bank: established frequency of assessment of systemically important payment systems – at least once in two years, introduced the integrated evaluation of payment systems that are not relevant and created by the NBU introduced the publication of reports on the results of the assessment of systemically important payment systems in the manner prescribed international standards (Disclosure framework for FMI).

National Bank has strengthened relative to the oversight of important payment systems with the aim of implementation of risk based oversight: established the requirements of payment organizations of payment systems important in terms of ensuring cyberstalked based on the documents, the Bank for international settlements and the European Central Bank on oversight, improved control of the NBU for the fulfilment of the payment organization of the relevant payment system of the action plan on the results of the evaluation, introduced the monitoring of systemically important payment systems in accordance with the system of indicators that will be determined by NBU.

In addition, the NBU has simplified the procedure of fulfilling the requirements of payment organizations of payment systems important: softened requirements of payment organizations important payment systems that have less than 3 participants in accordance with international approaches, streamlining documentation requirements of payment organizations important payment systems – payment institutions are allowed to display information about the system risk management mechanisms for the regular monitoring, etc. not only in the rules of payment systems, and their internal documents. Also abolished the need for mandatory submission of internal documents to the NBU documents will be provided payment organizations important payment systems only upon request of the NBU. Abolition of certain requirements regarding the oversight for payment systems created by nonresidents, because such systems are subject to oversight by Central banks of other countries that have established payment system.

It is reported that the national Bank determined the criteria and procedure for recognition of the important operators of payment infrastructure services, has tightened the requirements for the implementation of a payment Agency of control over participants of the payment system, established for the payment of organizations and their members a duty to exercise control over the operators of payment infrastructure services that provide services in the payment system and the like.

“The relevant changes are approved by the resolution of Board of National Bank of January 21, 2020 No. 11 “On introducing Amendments to the regulation on the supervision (oversight) of payment systems and settlement systems in Ukraine”. The document comes into force on 31 January 2020,” – said the press service.

Reference: oversight – Central Bank activities focused on the safe and efficient functioning of financial market infrastructures.

We will remind, the national Bank of Ukraine sees the key risk to implementation of its own macroeconomic forecast delay the conclusion of a new cooperation program with the International monetary Fund.

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