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Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
1
National Bank of Ukraine
International money transfer systems in Ukraine:
regulation, analysis of activityand oversight
Elena A. MakhayevaHead of Payment Systems Oversight and Settlement
Systems Division,National Bank of Ukraine, Ph.D in Economics.
20 May 2011
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
2
Regulation of payment systems operationin Ukraine
The Law of Ukraine“On payment systems and money transfers in Ukraine”, 04.2001
Payment systems (PS) created by residents of Ukraine
Article 9
9.2. Operating procedures of a PS are determined by its regulations set out by the payment organisation (PO) of this PS
9.2.1. The rules of the PS must set out the following: the PS organisational structure, the terms of membership/participation in the PS, the order of joining/quitting the PS, the order of dispute settlement, the PS risk management, the PS information security system … 9.3. The rules of the domestic PS and international PS, whose PO are
residents, must be agreed upon between this PO and the NBU
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
3
Regulation of operation of members/participants of international payment systems
The Law of Ukraine“On payment systems and funds transfer in Ukraine”, 04.2001
International PS created by non-residents
Article 12
12.1. Banks as well as NBFI that have a license granted by the State Commission on regulation of financial services markets in Ukraine for transferring funds, are eligible to enter into agreements with the PO of the IPS on membership or participation in these systems.
Banks as well as NBFI are obliged to register the concluded agreements according to the procedure established by the NBU
12.3. When registering agreements, the National Bank of Ukraine is entitled to request the documents showing the procedure of banks and NBFI for transferring funds within these IPS in the territory of Ukraine.
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
4
Regulation of operation of domestic andinternational payment system
Resolution on functioning of domestic and international payment systems in Ukraine
(the National Bank of Ukraine resolution # 348 dated 25.09.2007,amendment # 165 dated 05.06.2008, amendment # 6 dated 05.01.2010)
are applied to:
PS, PO – residents of Ukraine (bank and non-bank institutions, domestic and international
organisations, interbank clearing systems, card PS, systems of transferring funds between individuals, … )
Members/participants IPS, PO – non-residents (agreement with a non-resident)
The NBU acts as an electronic register of payment systems and their members and participants
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
5
International funds transfer systemscreated by non-residents
Ukraine is the recipient of cross-border transfers of funds
1 530
2 065
2 5352 263
2 615
139 191382 298 378
0
500
1 000
1 500
2 000
2 500
3 000
2006 2007 2008 2009 2010
to Ukraine
from Ukraine
Bar chart 1. The dynamics of amounts of cross-border transfers eff ected through
international funds transfer systems created by non-residents
in millions of UAH(equivalent)
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
6
International funds transfer systemscreated by non-residents
I. Russia
1. Unistream 7. InterExpress 2. CONTACT 8. BLIZKO 3. LEADER 9. ALLUR 4. Anelik 10. Blitz 5. Fast mail 11. Zolotaya Korona – Money Transfer 6. MIGOM II. USA III. Other countries
12. Western Union 17. Coinstar (Great Britain) 13. MoneyGram 18. Xpress Money (Great Britain)14. VIGO 19. Money Exchange (Spain)15. U.S. Money Express 20. MEEST
(Canada)16. RIA Financial Services 21. Faster (Kazakhstan) (RIA Money Transfer) 22. Caspian Money Transfer (Azerbaijan)
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
International funds transfer systemscreated by non-residents
The breakdown of the international money transfer market by the volume of funds received in Ukraine in 2010
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
International funds transfer systemscreated by non-residents
2010
received sent
Russia 50 % Russia 42 %USA 9 % Georgia 6 %Italy 7 % Армения 4.5 %Spain 5 % Uzbekistan 4.5 % Great Britain 3 % USA 4 % Other countries 26 % Other countries 39 %
Average transfer amount USD 508 USD 520
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
9
Participants of international money transfer systemscreated by non-residents
√ banks > 150 (85 %) 22 systems VTB Bank
Privatbank 10 agreements Oshchadbank
Wolksbank 9 agreements
Ukrgazbank SKB-bank 8 agreements Ukrgazprombank √ non-bank financial Ukrainian institutions Financial 6
Group
√ State post enterprise USEP UKRPOSHTA 4
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
10
International money transfer systemscreated by non-residents
2010 cross-border transfers
Currency code
to Ukraine from Ukraine
Number of transfers
Total volume(in thousands
of transfer currency
units)
+/- Number
of transfers
Total volume(in thousands
of transfer currency
units)
+\-
USD 3,254,488 1,801,322 ↑ 11 % 526,079 277,700 ↑ 18 %
EUR 946,417 317,260 ↑ 19 % 66,724 33,610 ↑ 58 %
RUB 823,434 10,979,570 ↑ 108 % 130,946 1,659,833 ↑ 75 %
CAD 3,601 2,623 ↓ 9 %
UAH 120,704 214,668 ↓ 69 % 2,773 7,519 ↓ 65 %
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
11
2010 domestic transfers
11
International money transfer systemscreated by banks of Ukraine
Name of system
and payment organisationCurrency
codeNumber of transfers
Volume of transfers(in thousands of
transfer currency)
AVERS,
Finance and Credit Bank
UAH 122,907 1,511,908
USD 2,426 7,521
Aval-Express,
Reiffaisen Bank Aval UAH 562,970 1,259,537
SOFT,
Ukrsotsbank
UAH 313,542 1,881,757
USD 11 27
EUR 24 84
Privat-Money,
PRIVATBANK
UAH 2,453,147 6,158,953
USD 4,265 6,415
EUR 733 680
TOTAL
UAH 3,452,566 10 812,185
USD 6,702 13,963
EUR 757 764
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
12
Cross-border transfers in 2010
including partner banks and partner systems
12
International money transfer systemscreated by banks of Ukraine
Name of system
and payment organisation
to Ukraine from Ukraine
Number of transfers
Volume of transfers
(in thousands USD)
Number of transfers
Volume of transfers
(in thousands USD)
AVERS,
Finance and Credit Bank
130,662 772,280 28,189 19,502
Privat-Money,
PRIVATBANK319,775 293,028 120,307 51,041
SOFT,
Ukrsotsbank 99,171 49,796 24,872 10,162
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
1313
The global trend is the strengthening of the role of the Central Bank in the payment systems area
Oversight as a function of the modern Central Bank
The NBU Board approved the concept behind implementation of oversight of payment systems in Ukraine - the main NBU policy regulations on implementing the oversight - in their resolution # 426 dated 25.09.2010
Payment systems oversight is a function of the Central Bank on monitoring, evaluating payment systems operation and, if required, introducing changes into their activity
The concept behind introduction of oversightin Ukraine
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
1414
Oversight in countries of the worldPayment Systems Worldwide, WB, 2008
oversight is exerted by the Central Bank of the regular basis
Central banks of the states number %
Total number (out of 128 central banks) 92 72%
By income level per capitaHigh (41) 36 88%Above average (27) 22 81%Below average (37) 19 51%Low (23) 15 65%By regions of the worldEC States-15 (15) 15 100%New ЕС members (12) 8 67%Other developed states (14) 12 86%East Asia and the Pacific countries (10) 8 80%Europe and Central Asia (16) 12 75%Latin America and Caribbean countries (23) 10 43%Middle East and South Africa (12) 6 50%South Asia (6) 3 50%Africa to the South of Sahara (20) 14 70%By the number of population> 30 million (34) 29 85%> 5 million, < 30 million (48) 32 67%5 million or less (46) 31 67%
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
1515
Goals and objectives of the oversight reliability and effectiveness of Payment and Settlements systems the NBU establishes requirements for PS and SS and evaluates the system on this basis
Oversight principles - transparency;- international standards; General principles for international remittance services BIS, World Bank, 2007- authorities and possibilities to conduct effective oversight;- consistency (the same requirements are to be applied to all PS, inclusive of the National Bank of Ukraine PS);- cooperation with other state regulators and the Central Bank
Oversight is applied to:- systematically important PS;- systems of retail payments and settlements, payment means and payment instruments;- settlement systems on security agreements;- members and participants of international PS created by non-residents
The concept behind introduction of oversightin Ukraine
Національний Національний банкбанк
УкраїниУкраїни
National Bank of Ukraine
National Bank of Ukraine
16
National Bank of Ukraine
Thanks for your attention!
http://www.bank.gov.ua
“Payment systems”