The National Bank of Ukraine (NBU) has updated the rules of issuing bank banks and settling transactions involving the cards, the NBU has said on its website.
In particular, the central bank has standardized the activities of information technology mediators; provided for the right of an individual who carries out independent professional activities to use a corporate payment card; provided for the right to issue an electronic payment tool in the name of the legal representative (guardian) of an individual in addition to the account opened in the name of the individual declared by the court to be incapacitated; granted the right to the bank to transfer the payment card to the user through its agent, who is authorized to identify or verify customers; determined the obligation of the bank to provide for the rules of issuing or transferring the electronic means of payment to the client in the contract with him or her.
The NBU also clarified the requirements regarding the right of a client’s authorized representative to receive a payment card, but without the right to use it, as well as regarding the obligation of a payment service provider to inform users of the cost of their services before initiating a transfer. “The National Bank expects that the introduction of such requirements will encourage banks to improve the level of the service provided to clients. This will help strengthen the protection of clients’ rights and increase their confidence in the use of electronic means of payment,” the central bank said.
The updated procedure takes into account current trends in the financial market and the international practice of settlements using electronic means of payment, the NBU said.
Such standards were approved by NBU decision No. 142 on amendments to some regulatory legal acts of the National Bank of Ukraine dated November 29, 2019, which is posted on the regulator’s website and came into force on December 10, 2019. This resolution amended the rules of issuing electronic means of payment and settling transactions involving the cards.
