Monday, June 24, 2024

The NBU approved updated rules for the LEO International Payment System

The National Bank of Ukraine has approved new rules for the proper operation of the LEO International Payment System. Here are the most significant changes:

  • Introduction of the Supervisory Board of the LEO International Payment System.
  • The opportunity to collaborate with companies that have received a gambling license issued by the Gambling and lotteries regulation commission in Ukraine.
  • The introduction of a non-bank technology of money transfers in the framework of cooperation with the participants of the international payments system. Such technology offers the possibility to abandon paper documents for initiating transfers, as well as allows to use such advanced and innovative technologies as the handwritten signature on the screen of an electronic device with a touch screen.
  • Other critical changes in the field of financial monitoring.

“In 2021, our international payment system has shown a significant growth: both in terms of turnover and the number of transactions. Our further development and scaling required structural changes in management and expansion of opportunities to collaborate with new participants,” said the head of the LEO International Payment System,Alona Shevtsova.

According to the statistics on the activity of money transfer systems in Ukraine in the first half of 2021, the LEO International Payment System working under the “LeoGaming Pay” payment brand, holds its position in the Top-4 of the largest payment systems in the country.

Just for the 8 months of 2021, the turnover of the LEO international payment system increased by 126% compared to the same period in 2020. The number of transactions registered in the payment system increased by 58% compared to 8 months of the previous year.

Within the frames of cooperation between LEO and MasterCard in Ukraine, the country’s first non-cash parking payment application called Parking UA, as well as the LeoBot first payment messenger bot were created in Ukraine.

According to the LEO International Payment System, in 2021 the company began to actively work with international money transfers due to an increase in the number of participants and access to new markets.

We would like to remind the audience, that already in March 2021, the LEO International Payment System was introduced by The National Bank of Ukraine in the category of important payment systems in Ukraine. Already in June, the third President of Ukraine Viktor Yushchenko became the head of its Supervisory Board. In September 2021, the LeoGaming Pay financial company that acts as the payment organization of LEO International Payment System reinvested the operating profit for the 2nd quarter in the domestic government bonds.

It is worth noting that currently, the LEO International Payment System consists of 23 participants, including four commercial banks, as well as 19 of the largest non-bank financial institutions in Ukraine. In addition, in 2021, the company became a member of the MasterCard and Visa payment systems.

Experts and financiers compare and note the similarity of the dynamics of the development and achievements of the LEO international payment system with foreign payment systems and fintech companies such as PaySend, Skrill, and many others. 

For example, in just 4 years since its foundation, PaySend has already served more than 4 million customers and 17,000 small and medium-sized enterprises and operates in more than 60 countries around the world, while the number of recipient countries exceeds 110.

PaySend currently supports connections between 12 billion cards worldwide via Mastercard, Visa, China UnionPay, and local payment systems.

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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