Standards/sep-4-1-qr
SEP 4.1 QR
Overview
SEP 4.1 is Ukraine's new-generation System of Electronic Payments with instant-transfers functionality, launched 1 December 2024 by the National Bank of Ukraine (NBU) 1, 2, Ukraine report. SEP (Система електронних платежів — System of Electronic Payments) is Ukraine's foundational interbank-payment infrastructure; SEP 4.1 represents a major upgrade adding 24/7 instant-transfer capability + QR-code + Deeplink payment initiation. PrivatBank was the first bank to adopt the instant-transfer feature — leveraging its position as Ukraine's largest commercial bank.
The structural context is critical: SEP 4.1 launched during Ukraine's ongoing war with Russia (since 24 February 2022 full-scale invasion). The NBU's payment-system modernisation during wartime is structurally remarkable — illustrating Ukrainian institutional resilience. By March 2025, 20 direct participants connected to SEP instant-transfer including NBU + 19 banks. December 2024 alone: 11,500 instant payments; first 2 months of 2025: 55,200 payments totaling UAH 543 million. Goal: all systemic banks to implement instant-transfer in first half 2025. The European Payments Council has documented "Payments in wartime: the story of the National Bank of Ukraine" — recognising the structural significance of Ukraine maintaining + modernising payment infrastructure through active war. SEP 4.1 represents one of the most consequential national-payment-system launches in any wartime context globally.
History
Background — Ukrainian payment landscape pre-war Ukraine report:
- National Bank of Ukraine (NBU) — central bank.
- SEP (System of Electronic Payments) — foundational interbank infrastructure (since 1990s).
- PrivatBank — Ukraine's largest commercial bank (nationalised 2016).
24 February 2022 — Russia's full-scale invasion [epc]:
- Wartime context.
Ukraine maintains + modernises payment infrastructure through war [epc]:
- NBU continues payment-system development.
- Structural resilience.
1 December 2024 — SEP 4.1 launches with instant-transfer functionality 1:
- New SEP version goes live.
- 24/7 instant-transfer capability.
- QR-code + Deeplink payment initiation.
PrivatBank first bank to adopt 2:
- Leverages largest-bank position.
December 2024 — 11.5K instant payments 2:
- Initial month volume.
January-February 2025 — 55.2K payments / UAH 543M 2:
- Rapid early growth.
March 19, 2025 — 20 direct participants (NBU + 19 banks) 2:
- Bank-network expansion.
H1 2025 goal — all systemic banks to implement 2:
- NBU expansion plan.
Technical specification
SEP 4.1 is NBU-operated next-generation Ukrainian electronic payment system with instant-transfer + QR 1, 2:
| Layer | Description |
|---|---|
| Operator | National Bank of Ukraine (NBU) |
| System name | SEP 4.1 (System of Electronic Payments 4.1) |
| Launch | 1 December 2024 |
| Currency | UAH (Ukrainian hryvnia) |
| Availability | 24/7 |
| Payment initiation | QR codes + Deeplink |
| First adopter | PrivatBank |
| March 2025 participants | 20 (NBU + 19 banks) |
| Wartime context | Maintained + modernised through war |
QR + Deeplink 1:
- Convenient payment-detail transfer between users.
Use cases
Instant cross-bank transfers (24/7) 1: Cardinal use.
Merchant QR payments PrivatBank + Privat24 (Ukraine): Via PrivatBank QR for merchants.
Acquiring services for businesses [privatbank-acq]: PrivatBank acquiring.
Government services + tax payments Ukraine report: NBU-coordinated.
War-context economic continuity [epc]: Critical infrastructure during war.
Implementations & ecosystem
Operator: NBU.
First adopter: PrivatBank.
March 2025 participants (20): NBU + 19 commercial banks including PrivatBank, Oschadbank, Ukreximbank, Raiffeisen Bank Aval, UkrSibbank, others.
Companion: PrivatBank QR for merchants.
Fun facts
- Launched during war: 1 December 2024 — Ukraine's ongoing war since 24 February 2022.
- NBU + EPC documented wartime resilience: "Payments in wartime: the story of the National Bank of Ukraine".
- PrivatBank first adopter: Ukraine's largest bank pioneering.
- 24/7 instant: Modern standard.
- QR codes + Deeplink: Convenient cross-user payment-detail transfer.
- 11.5K → 55.2K transactions in 2 months: Rapid early growth.
- 20 participants by March 2025: Substantial early bank-network.
- NBU + 19 banks: Comprehensive Ukrainian banking-sector participation.
Comparison
| Feature | SEP 4.1 (UA) | MIA QR (MD) | RoPay (RO) | Blink (BG) | NBS IPS QR (RS) |
|---|---|---|---|---|---|
| Operator | NBU (central bank) | NBM (central bank) | Transfond (bank consortium) | BORICA AD | NBS (central bank) |
| Launch | 1 Dec 2024 | Mar 2024 | Nov 2024 | 2021 | 22 Oct 2018 |
| Currency | UAH | MDL | RON | BGN (+EUR TIPS) | RSD |
| 24/7 | Yes | Yes (24/7/365) | <10s | <10s | <10s |
| QR | Yes (+ Deeplink) | 3 QR types | EPC reference | Mobile Lookup + QR | Standardised NBS IPS QR |
| Context | Wartime | EU-adjacent | EU member | EU member | Balkan |
Status
Active, growing rapidly during war 1, 2:
- NBU operator since 1 December 2024.
- 20 participants (March 2025; NBU + 19 banks).
- PrivatBank first adopter.
- QR + Deeplink + 24/7 instant.
- H1 2025 goal: All systemic banks.
Sources
- 1 SEP 4.1 instant transfers launched — NBU
- 2 Systemic banks instant transfer — Baltimore Chronicle
- epc Payments in wartime — EPC
- Ukraine report
reports/countries/UA-ukraine.md
Deployments
Found in the following country reports (grep across reports/countries/):
- UA — UA-ukraine.md