Ukrainian Fintech is integrating into Europe and becoming a global trendsetter

Few people know, but the "great migration of financial institutions" carried out by the National Bank in April 2023 (launch of the fourth generation of the Electronic Payment System based on the international standard ISO 20022) is the result of the teamwork of the UNITY-BARS service.

From recently interview with Valery Kondakov, CEO of UNITY-BARS It is clear that, having maintained a leading position in Ukrainian Fintech for thirty years, today the company is setting the tone in global trendsetting.

Banking day? No, I didn't hear that!

An analogue of the Euro SEPA, the NBU's SEPA-4 adapts the Ukrainian financial market to the rules of the European Union. It is based on the absolute elimination of such an archaic concept as a "banking day". In other words, there are no more weekends and holidays in the interbank calendar: payments continue all year round 24/7, instantly moving from one calendar day to another, without stopping work.

The innovative system not only speeds up electronic transactions and unifies payment orders, but also completely changes depository policy, especially regarding interest accrual. The regulator called the development “changes that happen once in a generation,” and Kondakov himself considers it a significant step in the process of European integration.

Unique solutions from UNITY-BARS for business

In addition to government projects, in the arsenal Unity Bars There are original proposals for private banks as well.

In particular, the following are ready and implemented in the infrastructure of most Ukrainian financial institutions:

• ABS BARS – an automated banking system with a comprehensive or individual approach to the client;
• CORP 2 is a reliable remote service system with a wide range of functionalities;
• One – a platform for creating Internet and mobile banking for legal entities and individuals;
• Di Connector – connector to the “Diia” system;
• Bars Payment Firewall – a service for checking online transactions;
• Video ID – a service for remote customer identification;
• Bars AML – a service for monitoring financial transactions of individuals and legal entities;
• Cloud – hardware and software infrastructure for working with CEP;
• Cloud – an application for optimizing interaction with peripheral devices and image post-processing;
• BankID Connector – connection to the BankID NBU remote identification system;
• Credit Module – a service for automating a credit institution with a full customer service cycle;
• Electronic Archive – a service for storing primary documents in electronic form;
• Data Warehouse – a banking DWH class system on the IBM platform and modules;
• CRS is a platform for determining the rating of legal entity clients.

The uniqueness of UNITY-BARS products lies in their modularity. Each organization can install only what it needs now and occasionally supplement the system with the necessary blocks.

The Bars AML service deserves special attention. While previously tracking suspicious transactions relied solely on human resources, today the company offers to fully automate the procedure, thanks to which terrorist financing and money laundering obtained through criminal means will be detected much faster and more effectively.