The enacted Law of Ukraine " It is reported by the National Bank of Ukraine.

According to the National Bank, the document is the basis for the integration of the Ukrainian payment market with the European. Its norms bring Ukrainian legislation closer to EU legislation.

Key changes for payment market participants:.

The law defines nine categories of payment service providers, among which, in particular:.

-banks,.

- payment institutions,.

- postal operators.

- electronic money institutions,.

- branches of foreign payment institutions,.

- public authorities (under certain conditions);

nine payment services have been introduced, of which seven are financial, two are non-financial (a service for initiating a payment transaction and a service for providing account information). New participants in the payment market can choose one payment service and concentrate on developing convenient services for it;

non-bank payment service providers (payment institutions, electronic money institutions, postal operators and some other payment service providers) now have the ability to open payment accounts, issue payment cards and electronic money (before that, such opportunities were available only to banks) conditions for obtaining certain authorization;

non-banking financial institutions are not required to participate in payment systems for transfers. Now these institutions can operate independently in the payment market, which simplifies their activities.;

conditions are being created for the introduction of the concept of open banking in Ukraine. Payment service providers (including banks) will be required to open their APIs to other payment service providers and provide the ability to connect to banking service interfaces, exchange data with them for each market participant providing payment services and having the regulator's permission to do so.;

the norms of the new law and the transition of the Ukrainian payment infrastructure to the international standard ISO20022, which is the basis for the functioning of European payment systems, lay the foundation for Ukraine's accession to the Single Euro Payments Area (SEPA).

What else is changing:.

According to the law, existing market participants - non-banking financial institutions, postal operators licensed to transfer funds without opening accounts, can continue to provide services in the payment market on the basis of previously obtained NBU licenses within six months from the date of entry into force of the law. However, new financial payment service providers will enter the market in accordance with the new procedure for the authorization of financial payment service providers and limited payment services.. This procedure will be adopted by the National Bank in the near future..

Banks may continue to provide payment services on the basis of a banking license (except for services related to electronic money, which require registration), without obtaining a separate license in accordance with this law.

“Preparing for the enactment of this law, the National Bank has updated the vast majority of its own regulatory legal acts necessary for its implementation.. At the same time, given Russia’s aggression against Ukraine, this work is still ongoing and will be completed soon,” the regulator notes..