The National Bank of Ukraine is migrating to the ISO 20022 global standard for financial information on Saturday, April 1.
KYIV, Ukraine – Ukraine’s central bank is pressing on with reforms to fully digitalize the financial sector despite Russia’s invasion, and is about to make a “once in a generation” change to improve its electronic payment system.and maintain financial stability since Russia launched its full-scale invasion on February 24 last year.
ISO 20022 sets a new international standard for sending enhanced data and is intended to create a single common language for most payments globally. “From late February to early March [2022], we put about 57 billion hryvnias into circulation, which represents about 65% of the cash amount that we put into circulation during the whole of 2022,” he said. “But by the beginning of March, the situation began to change for the better.”
Another threat to the financial system has come from Russian air strikes on energy infrastructure. The central bank reacted by creating a “power banking” network to unite branches of banks able to operate when electricity and the internet are disrupted. “During the war we are devoting more resources to increasing the resilience of the [financial] system, given the current challenges. But the processes are underway,” Shaban said.
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