PRAVEX BANK successfully migrated to the new international standard ISO 20022


PRAVEX BANK has successfully migrated to the new international standard for the payment messages exchange ISO 20022 and the new generation of the NBU electronic payments system (SEP 4.0), which was introduced by the National Bank of Ukraine on April 1, 2023, as part of the project "Development of Ukraine's Payment Infrastructure" implementation.

ISO 20022 is a standard that will help expand the functionality of the Electronic Payment System and adapt it to work with the rules of the European Union. The transition to international standards for the exchange of financial messages will help to harmonize the Ukrainian payment space with the world; improve the level of service and payments processing efficiency; increase the level of payment automation.

The implementation of SEP 4.0 enabled PRAVEX BANK to switch, at the first stage, to daily processing of incoming transfers in the national currency, including weekends holidays and non-working days, from April 1, 2023.

You can find detailed information on the implementation of ISO 20022, as well as the implementation of the SEP 4.0 Project, on the NBU website.

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