Ukraine will join the Single Euro Payments Area

The National Bank is actively working on Ukraine’s accession to the Single Euro Payments Area (SEPA).

This was reported press office National Bank, Ukrinform reports.

To this end, cooperation has begun with the European Payments Council (EPC), which coordinates the activities of SEPA.

“We are grateful to the European Payments Council for its readiness to support the National Bank of Ukraine on the path to deeper integration of the Ukrainian and European payment markets and Ukraine’s accession to SEPA,” said Oleksiy Shaban, Deputy Chairman of the National Bank, at a meeting of NBU and EPC specialists.

He added that Ukraine will continue the dialogue and expert discussions to jointly define accession criteria, develop a roadmap and a step-by-step plan for rapid integration.

Read also: Ukraine plans to join EU roaming and SEPA single payment area

The NBU emphasized that joining SEPA will be a landmark event for Ukraine’s European integration and will provide new opportunities for the Ukrainian economy.

This, in particular, will facilitate the entry into the EU market for Ukrainian business; reducing technical barriers for Ukrainian fintech to enter the EU financial services market and reducing the cost of money transfers from EU countries.

As reported, the heads of state and government of the European Union on June 23 decided to grant Ukraine the status of a candidate country for EU membership.

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