Transition to SEP 4.0 and ISO 20022 standard

From April, 1, 2023, JSC «CREDITWEST BANK» starts processing national currency payment orders in electronic form in accordance with the international messaging standard ISO 20022 (hereinafter - ISO 20022) via the new generation of the System of Electronic Payments SEP 4.0 of the National Bank of Ukraine (hereinafter - SEP 4.0).

 

The purpose of the introduction of the ISO 20022 methodology and the transition to SEP 4.0 is to improve the quality and efficiency of transfer of funds in the provision of financial services through the use of a single data exchange standard, enhance payment security, and integrate the national payment space with the international one.

 

More information about the changes is available on the website of the National Bank of Ukraine at https://bank.gov.ua/ua/payments/project-iso20022. 

 

With the introduction of ISO 20022 and the new generation of SEP 4.0, JSC «CREDITWEST BANK» will implement changes in processing national currency payment orders initiated (created) by customers in the Bank's department and in the remote service system, in particular, but not exclusively:

 

• processing and execution of payments in national currency received by the remote service system that comply with the rules of automatic processing on weekends and holidays from 09:00-21:30;
• change in the forms of payment documents to reflect the introduction of the ISO20022 standard;
• new payment participants (other than the payer and the payee): initiator, actual payer, actual payee;
• change in the structure of the payment instruction (new rules for filling in fields, mandatory parameters, etc);
• increasing the size of the payment purpose field to 420 characters (instead of 160);
• increasing the size of the document number field to 35 characters (instead of 10).

 

Operating time and payment schedule
in national currency from 01.04.2023

 

Working days

Types of services/documents	Operating hours
Provision of payment services for execution/cancellation of payment transactions in cash/cashless form in national currency	09:00-16:00
Provision of payment services for execution of payment transactions in cashless form in national currency using remote communication means (only those that comply with the rules of automatic processing)	09:00-16:00 16:00 -21:30* (*post operating hours)
Provision of payment services for the cancellation of non-cash payment transactions in national currency using remote communication means (only those that comply with the rules of automatic processing)	09:00-18:00

 

Non-working days (weekends, holidays)

Provision of payment services for the execution of non-cash payment transactions in national currency using remote communication means (only those that comply with the rules of automatic processing)

09:00-16:00 16:00 -21:30* (*post operating hours)