The National Bank of Ukraine has said it is now actively working to link Ukraine to the single euro payment area or SEPA, a cross-border cashless payments systems designed to be as simple as domestic systems.
An important stage of cooperation with the European Payments Council, which coordinates SEPA activities, has started after Ukraine achieved the status of membership candidate for the European Union, the press service of the National Bank of Ukraine said.
“We’re grateful to the European Payments Union for its willingness to support the National Bank of Ukraine on the way to deeper integration of the Ukrainian and European payment markets and Ukraine's accession to SEPA,” NBU Deputy Governor Oleksiy Shaban was quoted as saying in the press release.
He added that Ukraine will continue its dialogue and expert discussions to jointly define with the EU the criteria for the accession process, and develop a road map and a step-by-step plan for rapid integration.
Joining SEPA will be a landmark event for Ukraine's European integration and will provide new opportunities for the Ukrainian economy. It will, in particular, contribute to:
- simplifying access to the EU market for Ukrainian businesses;
- reducing technical barriers for Ukrainian fintech companies’ entry to the EU financial services market;
- decreasing the cost of sending remittances to and from EU countries.