User:Володимир Осоко/sandbox

The System of Electronic Payments of the National Bank of Ukraine
The System of Electronic Payments of the National Bank of Ukraine (hereinafter referred to as “SEP”) is a nationwide payment system established by the National Bank of Ukraine (hereinafter referred to as “NBU”) that ensures settlements using electronic means of receiving, processing, transmitting and protecting information. Resident banks, the State Treasury Service of Ukraine, and other entities defined by the legislation may participate in the NBU interbank settlement system, subject to the requirements established by the NBU. SEP was created in 1993. The first SEP payments were made on 5 January, 1993. At the beginning of 1994, paper and telegraphic advice were fully cancelled in interbank settlements in Ukraine. In 2022, despite the full-scale war, SEP operated smoothly. In 2022, almost 363 million payments of UAH 133 trillion were made through SEP (in 2021, 446 million payments of UAH 57 trillion). On average, SEP processes 1.3 million payments of almost UAH 700 billion per day.

About the system
The System of Electronic Payments is a sophisticated and unique software and hardware complex developed by the National Bank of Ukraine and owned by the NBU, which provides payments in the national currency of Ukraine. SEP is totally based on a paperless technology and the transmission of electronic messages through the NBU's own telecommunications system.

SEP is the only systemically important state payment system of the RTGS class (real-time gross settlements according to the international classification), which provides real-time payments for both large amounts and retail interbank payments of bank customers. The National Bank of Ukraine is not only the owner, but also the operator of SEP, it ensures the development, improvement and operation of the software and hardware complexes of the system, and information security tools. It also develops the relevant regulatory framework. The NBU guarantees the reliability and security of SEP. The NBU is responsible for overseeing the payment system.

On 1 April, 2023, a new generation of the system (SEP version 4.0) was launched, which allows making electronic payments in a faster, more convenient and secure way. It has become one of the largest migrations ever carried out by financial institutions of Ukraine. In addition, it gave a powerful impetus for the future development and modernization of Ukrainian banks and financial institutions information systems. From now on, the system operates on the basis of the international standard ISO 20022.

The operational procedure for the System of Electronic Payments of the National Bank of Ukraine, acceptance and exclusion from its members, making transfers through this system and other issues related to the System of Electronic Payments operation of the National Bank of Ukraine are determined by the National Bank of Ukraine.

A necessary condition for carrying out a transfer through the System of Electronic Payments of the National Bank of Ukraine is that the bank establishes correspondent relations with the National Bank of Ukraine by opening a correspondent account in the National Bank of Ukraine.

System development
The NBU constantly pays special attention to the development of SEP, the implementation of new mechanisms and tools to meet the needs of financial market participants and their clients.

After modernizing the system by introducing the new generation SEP version 4.0 (international standard ISO 20022) on 1 April, 2023, further development and creation of new versions of SEP is planned. The NBU is currently working on the implementation of SEP 4.1 version with instant payment functionality, which is a logical continuation of SEP development, including the 24/7 operation mode. Testing of this functionality is scheduled to begin in October 2023.

The implementation of multicurrency, a tracking service for payments, risk assessment service of payment operation, etc. are considered in the next versions of SEP.