OREANDA-NEWS. The Ministry of Finance of Ukraine and state-owned PrivatBank have signed a memorandum of cooperation enabling to use the Bank’s IT capabilities to create an integrated verification system for social payments in Ukraine.

According to the Minister of Finance Oleksandr Danyliuk, the budget annually loses billions of hryvnia due to the lack of a system of monitoring how funds such as payment of social benefits, subventions for the provision of benefits and subsidies are used. This deficiency is caused by inconsistencies of existing databases of various state bodies. And most importantly, the state cannot ensure high-quality provision of benefits and other services without creating a verification system of budgetary payments.

«Our main goal is to increase the efficiency of the verification system of social payments, which will significantly save budget funds. Therefore, cooperation with PrivatBank on this matter is important and necessary for the entire country,» - said Oleksandr Danyliuk.

As Chairman of the PrivatBank Board Oleksandr Shlapak commented during the signing of the memorandum that the Bank is ready to share effective solutions and IT architectures for building a verification system of social payments and other nationwide databases.