NBU identifies characteristics of acquiring and procedure for authorization and currency licensing

The National Bank of Ukraine (NBU) has identified the key characteristics of acquiring and, in this regard, approved the algorithm of actions of payment market participants to bring their activities into line with new requirements and made changes to the procedure for currency licensing.

This is stated in the NBU message, Ukrainian News Agency reports.

The National Bank has identified the key characteristics that characterize the payment service of acquiring payment instruments and distinguish it from the payment service of transferring funds without opening an account.

In particular, the regulator established that acquiring is the activity of a payment service provider that has an agreement with the recipient, the subject of which is to ensure the receipt of funds to the recipient, and includes:

– transfer of payers’ funds to the recipient through this payment service provider, including transfer in aggregated (consolidated) amounts;

– the transfer of funds is carried out according to the recipient’s details specified in the agreement between the payment service provider and the recipient [including the account number, the recipient’s unique identifier, the recipient’s name, the recipient’s surname, first name, patronymic (if any)].

The National Bank also:

– established that no more than two acquirers may participate in the execution of a payment transaction (namely: the acquirer who concludes the agreement with the recipient, and the acquirer who has the right to accept payment instruments);

– clarified the requirements for the mandatory terms of the acquirer’s agreements with other payment service providers and the requirements for the acquirer’s internal documents.

The goal is to harmonize the procedure for providing services for acquiring payment instruments and transferring funds without opening an account with the procedure for providing these services in the countries of the European Union.

Payment market participants that issue and acquire payment instruments must bring their activities into line with the requirements of the regulator within the next six months from the date of its entry into force.

Regarding changes in the context of currency licensing, the National Bank:

– determined the right of a non-bank financial institution and a postal operator to carry out currency transactions when providing a financial payment service for acquiring payment instruments on the basis of a license for currency transactions;

– eliminated the requirement for the amount of the minimum authorized capital for obtaining a license related to the transfer of funds without opening an account;

– clarified the grounds for revoking a license for currency transactions and in relation to a separate currency transaction;

– clarified the procedure for terminating currency transactions in the event of revoking a license for currency transactions and in relation to a separate currency transaction.

As Ukrainian News Agency earlier reported, in July, the National Bank warned that the companies Obmin24 and X-Change do not have licenses for currency exchange operations.

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