In line with the Regulation On the Uniform Identification System of Financial Market Participants in Ukraine approved by NBU Board Resolution No. 29 dated 30 August 2021, the uniform identifier of the National Bank of Ukraine (hereinafter referred to as “NBU ID”) is a unique code of six symbols issued to the financial market participant during the first record of information on the participant to the information system of the NBU and is a unique identifier in relations of the participant with the NBU.

Effective bank codes (Bank Code) as of the effective date of said Regulation shall be deemed NBU IDs.

IBAN stands for International Bank Account Number that is mandatory in Ukraine for banks, nonbank payment service providers opening payment accounts to customers, as well as for e-money issuers for generating the e-purse number.

Each country defines the structure of IBAN in line with ISO 13616. For Ukraine, IBAN consists of 29 alphanumeric characters, comprising the country code, a check digit, an NBU ID, and an account number.

As a result of IBAN implementation, it will become possible to immediately identify the country of the party to the settlement (UA – Ukraine) while the check digit will ensure the uniform check of the user’s account and its validity.

IBAN provides the following options to payment service provider customers:

• identify the payer and the receiver of funds as well as payment services provider servicing said entities;
• avoid mistakes in bank account/e-purse details thanks to fewer details in the payment orders;
• quick transfer and payout.