Ukraine Switches to Digital Payments: What Will Change from November 22

Digital Transformation of the Banking Sector

From November 22, Ukraine will start tracking all money transfers 'in digital form'. This news was announced by the Institute for Economic Development through its director, Oleksandr Honcharov.

Also, in the second half of November, international payments and SWIFT settlements will transition to a unified standard, ISO 20022 CBPR+. This will lead to significant digital transformation in the banking sector worldwide, including updates to systems and payment technologies.

Global Changes

Main aspects of the transition:

• abolition of the old SWIFT MT format;
• transition of over 11,000 banks and financial institutions to digital data exchange;
• compatibility of the new format with blockchains and central bank digital currencies.

The transition will be gradual: the new standard will be launched on November 17, and from November 22, the system will fully operate under ISO 20022-only.

Integration of Blockchain Platforms

Some platforms are already integrated into the system. Ripple (XRP), Stellar (XLM), Algorand (ALGO), Hedera (HBAR), and Quant (QNT) will be used for interbank operations and other payments.

A New Era in the Monetary System

Expert Honcharov emphasizes that after November 22, every movement of capital will be tracked, and liquidity will be programmable. Starting from 2026, active integration of central bank digital currencies and tokenized assets is expected, signaling a new era in the monetary system.

'This is the end of the era of paper transactions and the beginning of digital control, where blockchain becomes an official part of the banking infrastructure.'

Previously, possible consequences of the annual money transfer were reported.

The Ukrainian banking sector is preparing for a digital revolution alongside global financial institutions, which will simplify and enhance payment and money transfer processes.