Online Integration with the Deposit Guarantee Fund of Ukraine

This spring, the Deposit Guarantee Fund of Ukraine introduced an online payment mechanism enabling reimbursements to depositors of insolvent banks through its automated system and participating agent banks.

The new process is designed to improve payment transparency and accelerate the reimbursement of guaranteed deposits. Seven agent banks are connected to the system, including partner banks of Lime Systems.

First Ukrainian International Bank (FUIB) was among the first institutions connected to the payment system. Lime Systems implemented an online integration between the Cash&Billing module and the Deposit Guarantee Fund’s automated reimbursement system for FUIB.

FUIB and Lime Systems jointly completed several stages of testing, after which the bank received approval from the Deposit Guarantee Fund to connect to the payment system.

Lime Systems also plans to implement online integration with the Deposit Guarantee Fund system for other partner banks.