Pivdenny Bank successfully switches to a new generation electronic payment system

Effective 1 April 2023, Pivdenny Joint-Stock Bank successfully switched to the new generation electronic payment system of the National Bank of Ukraine SEP 4.0, which will work on the basis of ISO 20022.

The NBU implemented ISO 20022 only for IBAN payments in the national currency, and the above changes do not apply to bank card transactions, etc.

For payment transactions in remote service systems, the Regulation on the operation of remote service systems, according to which transactions are made, has been approved. 

How will Pivdenny Bank work now?

• the banking day in SEP matches the calendar day;
• business days of the bank remain unchanged – Monday to Friday;
• days off – Saturday and Sunday – remain non-working days in the bank according to the official calendar, regardless of the indication of an open operation day in the ABS.

Processing payment instructions on days off:

• internal payments in the iFOBS remote service system, the Pivdenny Online mobile application, and in the Pivdenny MyBank remote service system are made on the current calendar date.
• interbank payments:
• incoming payments are accepted and credited to the accounts of recipients on the current calendar date (except for payments that require additional control);
• Outgoing client payments are accepted for processing but SEP payments are sent on the first business day after they are received by the bank.

How will the transition to the new electronic payment system affect clients?

Payments will be sent and credited faster.

The forms of payment instructions have been updated in accordance with the international standards.

Please note that the banking system needs time to stabilize the work according to the new ISO 20022, so, during this period, there may be technical problems and delays when receiving/sending payments from/to other banks through SEP.

Also, in connection with the implementation of the above-mentioned changes, a new version of the Agreement on Comprehensive Banking Services for Individuals was approved, which entered into force on 1 April 2023.

The new version of the agreement provides for the following changes:

• clarifications have been made regarding the terminology in terms of defining the terms “operation time”, “operation day” and “business day”;
• in the text of the agreement, the definition of “operation day” was changed to “business day”.