OREANDA-NEWS. The System of Interbank Settlements run by the National Bank of Ukraine (SEP), National System of Mass Electronic Payments (NSMEP), six card payment systems, a larger number of funds transfer systems and interbank payment systems are national payment systems operating in Ukraine's payments market today.

Speaking at the international conference on "Payment Forum", Ms. Nataliia Syniavska, Director of General Department of Information Technologies and Payment Systems, said: "Volumes and values of payment transactions processed through the System of Electronic Payments run by the National Bank of Ukraine in 2012 exceeded GDP 8 times, whereas payment card transactions accounted for over 50% of GDP."

Ms. Nataliia Syniavska believes that the oversight of sophisticated payment systems capable of transferring large-value funds within minutes should be conducted in an adequate and proper manner.

The revised version of the Law of Ukraine "On Payment Systems and Funds Transfer in Ukraine" (2012) established a regulatory framework for the oversight of payment and settlement systems. "The oversight of payment systems has become an essential function of the central bank of Ukraine and an important part of its responsibility to ensure the financial stability of the country. According to figures released by the World Bank, about 100 central banks around the world carry out the oversight of payment systems on a permanent basis to ensure the smooth functioning of payment and settlement systems," said Director of General Department of Information Technologies and Payment Systems Nataliia Syniavska.

According to Ms. Nataliia Syniavska, in practical terms, that means that the oversight of payment systems conducted in Ukraine will help enhance the transparency of Ukraine's payments industry; prevent illegal activities in the payments market, protect the rights of users of payment systems, increase the reliability and efficiency of payment systems, and will seek to ensure that the payment systems meet international standards