How an international payment system can enter into the payment market of Ukraine

First, to enter into the payment market of Ukraine an international payment system must be registered with the National Bank of Ukraine. To do this, one of the following entities can apply to the National Bank of Ukraine:

• payment organization of an international payment system;
• its representative office in Ukraine;
• an authorized foreign institution;
• settlement bank of a foreign international payment system in Ukraine.

Second, in order to register the international payment system the following documents must be submitted to the National Bank of Ukraine:

• application for approval of terms and procedure of operation in Ukraine;
• questionnaire;
• copy of registration documents of a payment system operator;
• brief information note or copies of internal documents covering the operating procedures of the international payment system

The regulator considers the documents within 60 business days after the complete set of documents have been submitted that meets all established requirements.