The National Bank of Ukraine has tackled another detail that affects millions of banking app users every day. The regulator recommends that payment service providers use single names for the most popular financial transactions in their services so that customers no longer have to guess which menu item corresponds to the desired transfer. This was reported by the NBU press service.
The NBU explains that the main idea of the initiative is to simplify the interaction between the payer and the recipient of funds. For example, when the seller asks to make a “payment by details”, the buyer should see the same name in the application, without ambiguities and different interpretations. This, the regulator believes, will help people find the right transaction faster and reduce the number of erroneous payments, especially in business settlements.
The National Bank suggested that banks and other payment services unify the names of the most common transfers. For a standard transfer using details, it is recommended to use the options “transfer to IBAN” or “payment to IBAN”. For instant transactions, when money arrives in a matter of seconds, the regulator advises using the wording “instant transfer to IBAN” or “instant payment to IBAN”. And in the main menu or a separate section that combines these functions, they propose to leave a simple and understandable name “transfers”.
Separately, the NBU emphasizes that the same names should accompany the user at every stage: from searching for the desired function in the menu and the moment of payment confirmation to the history of transactions, receipts and bank statements. The same name should also be displayed in notifications to the seller about the receipt of funds in order to avoid confusion in the purpose of the payment.
Although banks themselves determine how the interface will look and where to place the buttons, the National Bank emphasizes the importance of accessibility. In particular, the function “instant transfer to IBAN” should be noticeable and easy to choose, because in many situations the speed of funds transfer is of key importance.
The regulator believes that such unification will help Ukrainians better navigate digital payments, and will simplify the development of new services for banks and make financial transactions more understandable and predictable.
