KYIV, Jan 23 – The National Bank of Ukraine (NBU) is working on a project to develop the country's payment infrastructure based on ISO 20022 international standard in partnership with SWIFT with support from the Financial Sector Transformation project (USAID) and the European Bank for Reconstruction and Development (EBRD), according to the central bank's website.

"ISO 20022 standard is a technological platform that makes it possible to simplify mechanical processes when making payments, transfer more supporting information about the payment. Credit transfer, direct debit, various information requests, including the status of the account, we can implement all this in the domestic payment infrastructure in accordance with the ISO 20022 format," the National Bank's press service said citing Deputy Governor of the NBU Sergii Kholod.