Document from CIS Legislation database © 2003-2021 SojuzPravoInform LLC

LAW OF UKRAINE

of April 5, 2001 No. 2346-III

About payment systems and money transfer in Ukraine

(as amended on 19-06-2020)

This Law determines the general principles of functioning of payment systems and settlement systems (further - payment systems) in Ukraine, the concept and general procedure for carrying out money transfer within Ukraine, establishes responsibility of subjects of the translation, and also determines general procedure of supervision (oversight) of payment systems.

Section I General provisions

Article 1. Determination of terms and concepts

In this Law the stated below terms and concepts are used in the following value:

1. 1) corresponding bank - bank which based on the agreement and according to the procedure, established by the National Bank of Ukraine, opens correspondent account in other bank;

1. 2) the automatic teller of self-service (automatic teller) the software and hardware complex allowing the holder of electronic means of payment to perform self-service on transactions of receipt of money in cash form, their introduction for transfer into the corresponding accounts, receipt of information on condition of accounts, and also to execute other transactions according to functionality of this complex;

1. 3) value date - the date specified by the payer in the settlement document or in the document for transfer of cash since which the money transferred by the payer to the receiver carries over the receiver. Before value date the transfer amount is considered in serving the receiver bank or in organization - members of payment service provider.

The procedure for application of value date for banks is established by normative legal acts of the National Bank of Ukraine.

The procedure for application of value date in payment system is determined by rules of payment system according to requirements of this Law;

1. 4) the holder of electronic means of payment - the physical person on legal causes using electronic means of payment for initiation of money transfer from the corresponding bank account or making other transactions using the specified electronic means of payment;

1. 5) the document on transaction using electronic means of payment - the document confirming making of transaction with use of electronic means of payment based on which the relevant documents on the translation are created or money into accounts is enlisted;

1. 6) the document for transfer - the electronic or paper document used by subjects of the translation, their clients, clearing, acquiring organizations or other organizations - members of payment service provider for transfer of remittance orders of money;

1. 7) the document for transfer of cash - the document for the transfer used for initiation of money transfer, provided together with this document in cash form;

1. 8) acquiring organization (ekvayr) - the legal entity performing acquiring;

1. 9) acquiring - service of technological, information servicing of calculations for transactions which are perfromed with use of electronic means of payment in payment system;

1. 12) issue of electronic means of payment (further - issue) carrying out transactions on release of electronic means of payment of certain payment system;

1. 13) the issuer of electronic means of payment (further - the issuer) bank, being the member of payment service provider and performing issue of electronic means of payment;

1. 14) electronic means of payment - the payment instrument which gives to his holder opportunity by means of the payment device to obtain information on the means ought to the holder and to be to initiate their translation;

1. 15) the initiator - person on legal causes initiating money transfer by forming and/or submissions of the relevant document on transfer or uses of electronic means of payment;

1. 16) clearing - the mechanism which includes collection, sorting, rekonsilyation and carrying out offset of demands in reconvention of members of payment service provider, and also calculation according to each of them of total balance for certain period of time between total amounts of requirements and obligations;

1. 17) the clearing requirement - the document for the transfer created by clearing organization by results of clearing based on which, by write-off/transfer of funds for the accounts of members of payment service provider opened in clearing bank of this payment system settlement between them is carried out;

1. 18) clearing organization - the legal entity who by results of the clearing which is carried out by it creates clearing requirements and renders information services. The legal entity who got the corresponding permission of the National Bank of Ukraine can perform functions of clearing organization;

1.18-1) user of payment system (further - the user) - legal entity or physical person to which the service of payment system concerning accomplishment of money transfer by the member of payment service provider is provided;

1.18-2) routing - data exchange in case of accomplishment of transactions, including concerning money transfer, between members of payment service provider;

1. 19) the interbank settlement document - the document for the transfer created by bank based on settlement documents of bank, clients and documents for transfer of cash or the executive document;

1.19-1) memorial order - the settlement document constituted at the initiative of bank for registration of transactions on write-off of funds from the account of the payer and intra banking activities according to this Law and regulatory legal acts of the National Bank of Ukraine;

1.19-2) monitoring - activities of the issuer / ekvayra concerning control of transactions which are performed using electronic means of payment, for the purpose of identification and prevention of the wrong and inadequate translations. At the request of the issuer / ekvayra monitoring on condition of observance of requirements concerning preserving confidentiality of information can spend the legal entity who provides to the issuer / ekvayru services in data processing (processing service);

1.19-3) mobile payment instrument - the electronic means of payment realized in the hardware-software circle of the mobile phone or other wireless device of the user;

1. 20) insolvency - inability of the member of payment service provider in time, established by the agreement or determined by the legislation of Ukraine, in full to fulfill the obligations on money transfer;

1.20-1) operator of services of payment infrastructure - clearing organization, processing organization and other persons, representatives to provide separate types of service in payment system or to perform operational, information and other technological functions concerning money transfer;

1.20-2) obremenitel - obremenitel with encumbrance which subject are property rights on the money which is on the bank account;

1. 21) operational day - part of the working day of bank or other organization - the member of payment service provider during which documents for transfer and documents on response are accepted from clients and it is possible to perform, if technically possible, their processing, transfer and execution. Duration of operational day is established by bank or other organization - the member of payment service provider independently and is enshrined in their internal regulations;

1. 22) operational time - part of operational day of bank or other organization - the member of payment service provider during which documents for transfer and documents on response which shall be processed, transferred and performed by this bank during the same working day are accepted. Duration of operational time is established by bank or other organization - the member of payment service provider independently and is enshrined in their internal regulations;

1. 23) the receiver - person into whose account the transfer amount is credited or which receives transfer amount in cash form.

The inadequate receiver - person to whom without legal causes the transfer amount into its account is credited or it is issued to it in cash form;

1. 24) money transfer (further - the translation) - movement of certain amount of money for the purpose of its transfer into the account of the receiver or issue to it in cash form. The initiator and the receiver can be the same person.

Wrong transfer - movement of certain amount of money owing to which because of bank or other subject of the translation there is its write-off from the account of the inadequate payer and/or transfer into the account of the inadequate receiver or issue of this amount to it in cash form;

Inadequate transfer - movement of certain amount of money owing to which because of the initiator of the translation which is not the payer there is its write-off from the account of the inadequate payer and/or transfer into the account of the inadequate receiver or issue of transfer amount to it in cash or property form;

Operation of this Law does not extend to transactions of operators of the telecommunications on money transfer on the purpose of charity collected by public collection of charitable gifts with use within implementation of the charitable telecommunication message and fund raising on the charity purpose based on the agreement signed between the operator of telecommunications and the non-profitable organization, including charitable organization (except political parties and credit unions), or territorial community;

1. 25) payment request - the settlement document which contains the requirement of the claimant or in case of contractual write-off of obremenitel of the receiver to the bank serving the payer to make without coordination with the payer transfer of certain amount of money from the account of the payer into the account of the receiver;

1. 26) the payment requirement order - the settlement document containing the requirement of the receiver is direct to the payer to pay amount of money and the order of the payer to the bank serving it, to make transfer of the amount of money determined by the payer from the account into the account of the receiver;

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