Despite the third year of full-scale war, the NBU System of Electronic Payments (SEP) continued to operate reliably and develop efficiently, meeting the needs of the Ukrainian financial system and its customers for payments in the domestic currency.
Last year, about 483 million payments worth a total of over UAH 241 trillion came through SEP (including 19 million payments of UAH 56.5 billion under the state programs) This is a 14% increase in number and in value from 2023, when 423 million payments totaling more than UAH 210 trillion were made.
Structure of payments
As is usual, a vast majority (96%) of the total number of initial payments last year were delivered to SEP by Ukrainian banks and their branches.
The structure of payments in SEP in 2024 shows that:
in terms of number, small payments were processed most often:
- under UAH 1,000 – 40%
- UAH 1,000 – UAH 100,000 – 55%
- over UAH 100,000 – 5%
in terms of amount, most payments were big:
- under UAH 1,000 – less than 1%
- UAH 1,000 – UAH 100,000 – 1.4%
- over UAH 100,000 – 98.5%.
On an average day last year, SEP processed approximately 1.32 million payments worth a total of nearly UAH 658 billion. At the same time, the system is capable of processing almost 10 times the current level of payments during one day.
Future Development of SEP
As of 1 December 2024, the system’s new version – SЕP 4.1 – which provides instant transfers (hereinafter referred to as “SEP instant transfers”), was launched in Ukraine.
Currently, the upgraded SEP continues to operate effectively 24/7, and the functionality of SEP instant transfers is available to all those connected to the system.
As a reminder, a SEP instant transfer is an interbank payment transaction, performed via SEP initiated by an individual or a legal person, that allows for instant crediting of funds to the payee's account (up to 10 seconds).
SEP instant transfers will have a positive impact on financial inclusion and the development of the Cashless Economy, as said transfers will foster:
• competition in the payment services market and, as a result, increased transparency and reduced cost of payment transactions
• development of new innovative services and products
• further integration with the Single Euro Payments Area (SEPA).
“2024 was an important milestone for the further development of the system of electronic payments in Ukraine. Thanks to introducing the new version, SEP-4.1, with instant transfers functionality, the system has become more functional and productive, ensuring uninterrupted payments and the option to deliver instant transfers. This step strengthens the high level of reliability and stability of the country's payment infrastructure and supports the innovative development of the financial sector, which will contribute to economic growth and financial stability of Ukraine,” said Volodymyr Nagornyuk, Director of the NBU's Information Technology Department.
He also added that the NBU continues to work on further innovative development of the system, including the implementation of the next versions of SEP, which may, among other things, come equipped with a tracking service for payments, multicurrency, a payment transaction risk assessment service, and more.
The SEP is a state-owned banking payment system for interbank money transfers through the NBU correspondent accounts. The NBU is the operator and settlement bank for the system.
SEP is a real-time gross settlement system (according to the RTGS international classification) developed by NBU specialists.
SEP is the only systemically important payment system in Ukraine. It handles about 97% of all hryvnia-denominated interbank transfers in our country.
As of 1 January 2025, SEP participants are the NBU, State Treasury Service of Ukraine, and 62 banks (as well as 2 nonbank payment service providers through banks that are both system participants and servicing banks for these companies).