TYME international payment system files lawsuit against NBU

The international payment system TYME has filed a lawsuit against the National Bank of Ukraine (NBU) to invalidate the NBU's decision that cancelled its registration. The company demands the renewal of all the licenses and registration of the payment system and all its participants, according to the company's press service.

As reported, the National Bank made its decision based on information from the SBU Security Service of Ukraine. However, the company says, despite repeated requests, the regulator and the SBU did not provide it with the relevant information. The company believes that the actions by the SBU and the National Bank represented by NBU Governor Yakiv Smolii are not within the legal framework and are illegal in nature. 

TYME was the only international non-bank payment system in Ukraine, and before its closure, it was the leader in the Ukrainian market in 2017 and the first half of 2018, the press service said. In early 2018, TYME was recognized as a socially important payment system along with Public Joint-Stock Company (PJSC) Ukrposhta, Ukraine's state-owned postal services provider.