Important changes from August 1: apply to all bank card holders

A new approach to banking services will simplify financial management for cardholders of various financial institutions, including PrivatBank, Oschadbank, Monobank, and others.

The primary objective of this innovation is to consolidate multiple bank accounts into a single platform for seamless payments. This means that if one card does not have enough money for payment, the system will automatically top up the card from another card with your permission.

A new function will appear in bank applications – “payment from a combined balance”. The user will be able to independently choose which cards to connect, set limits, and determine the order in which funds are debited. Payment will be made as a single transaction, from accounts with sufficient funds.

This function will prevent unnecessary transfers between cards, enhance financial control, and provide more transparent conditions. However, it is worth considering that the implementation of open banking will occur in stages – not all banks will be able to implement this service due to the need for rapid preparation.

Important: all account merging and debiting operations will be carried out only with your explicit consent, without automatic deductions from your accounts without your permission.

Thus, from August 1, open banking will become a tool for simplifying the management of multiple bank accounts in Ukraine.
We remind you that previously, debt could be written off from the card without the owner’s knowledge, sometimes even without a court decision.

As previously noted, in Ukraine, plans are in place to equalize pensions for individuals with the same length of service and salary.

It was also reported that women can receive financial assistance of up to 150,000 hryvnias in July; do not miss the opportunity to register.