The National Bank of Ukraine plans to introduce unified approaches to payment transaction control. This concerns monitoring and reconciliation of payments, which should become part of operational risk management for payment service providers. This is reported by Delo.ua with reference to the message of the National Bank of Ukraine. The NBU has published for discussion a draft resolution on the procedure for payment service providers to monitor payment transactions.
The document should define standardized requirements for banks and other payment service providers on how they should organize payment control, assess risks and respond to atypical transactions.
The draft, in particular, provides for:
principles of payment transaction control;
requirements for organizing such control by payment service providers;
control measures within the framework of payment monitoring;
the possibility of involving third parties in individual processes or work;
the possibility of independently implementing payment transaction monitoring rules;
assessment by the National Bank of the effectiveness of control measures;
a list of measures to prevent miscoding;
a list of signs of atypical user behavior.
The draft also prescribes measures against miscoding – situations when a payment transaction may be carried out with an incorrect or inappropriate merchant category code.
The NBU also plans to identify signs of atypical user behavior. This should help payment service providers better identify transactions that may not correspond to the client’s usual payment activity.
