NBU launches instant payments for businesses: money in the account in 10 seconds

The National Bank of Ukraine, together with representatives of retail associations and trade networks, discussed the possibilities for accepting payments via instant credit transfers at a meeting held for the first time in this format.

Deputy Head of the NBU Oleksiy Shaban explained that creating an ecosystem of instant payments in Ukraine will allow businesses to receive payments quickly and efficiently. Instant payments are a standard in many countries around the world, simplifying the payment process for merchants.

“We want Ukrainian retailers to have the opportunity to use such a modern payment acceptance tool as instant transactions. This will benefit the economy of trading enterprises, since there is no need for a payment terminal and the cash operations occur almost instantly,” Shaban emphasized.

The ecosystem of instant payments includes rules for execution, technologies, and processes for exchanging details. Merchants will be able to receive funds within 10 seconds after conducting an instant transaction, significantly simplifying and speeding up the payment process.

Meeting participants discussed three possible options for accepting payments through the instant payment ecosystem: “self-acquiring”, “classic acquiring”, and open banking.

Merchants showed interest in innovations and technical issues related to the implementation of instant payments. They hope that these changes will positively impact their business and make competition in the payment service sector more active.

The National Bank plans to continue cooperating with businesses to ensure that working with the new ecosystem is as convenient and beneficial as possible for all parties.

The Ukrainian National Bank is actively working on the implementation of instant payments for the benefit of businesses and consumers. The new ecosystem promises to make payments more efficient and faster, contributing to economic development and increasing the competitiveness of the Ukrainian market.