UPDATE AND MODERNIZATION OF THE ELECTRONIC BANKING SYSTEM OF THE NATIONAL BANK OF UKRAINE WITH CONSIDERATION OF EUROPEAN EXPERIENCE IN THE CONTEXT OF GLOBALIZATION PROCESSES

Today for the System of Electronic Payments of the National Bank of Ukraine is actual modernization and updating according to the real needs of payment system participants in the current economic situation in Ukraine. For improvement forms of interbank payments important is a restructuring of the national payment system in accordance with international and EU standards. The article analyzes the functioning of the payment system TARGET2, discloses its advantages and principles of organization. The authors conducted a comparative analysis of payment systems TARGET2 and The System of Electronic Payments of the National Bank of Ukraine, as well as provided recommendations for improving the domestic payment system based on the experience of the European Union The NBU’s Electronic Payment System is quite modern and efficient, but the existence of a certain time in the payment process, insufficient level of regulatory and information support of the electronic payment system participants and its control lead to the possibility of opaque financial transactions in the system itself. The lack of organizational and financial mechanisms today is also a serious drawback in his work. In Ukraine, the technological level of the NBU system of calculations does not quite allow to use qualitatively most of the means of supporting intraday liquidity. This is a significant disadvantage of EPS compared to its foreign counterpart TARGET2. An analysis of the functioning of TARGET2 and SEP enabled us to examine in more detail the positives and negatives of both payment systems. A significant advantage of TARGET2 is its liquidity management system, which, under certain conditions, is an effective tool in the planning of settlement operations. This allows system members to prevent problems during the calculations and to solve them effectively. Optimization of liquidity management in the SEP is negligible. The National Bank of Ukraine, unlike the European Central Bank, does not provide full information on EPS, which indicates the closedness of the payment system and the NBU’s unwillingness to provide the most transparent settlement mechanism. Today, the TARGET2 settlement system is more modern and open compared to the NBU’s Electronic Payment System.