IBAN payments in NovaPay are now 3.5 times faster

With NovaPay, payments to entrepreneurs and businesses have become significantly faster: now 91% of transactions take only a minute and a half. For comparison, the average time on the market is about 15 minutes.

Thanks to automation, nine out of ten payments are now processed automatically — up from just a quarter previously. For customers, this means that money is credited almost as quickly as with P2P transfers – at any time of the day, no queues and no dependence on staff working hours.

‘We have made the processes faster, but no less reliable. Control and monitoring are performed at a high level, and all transactions remain secure for customers,’ comments Yana Levada, Director of Business Development at NovaPay.

Individual payments may still require additional verification.

NovaPay is on a mission to make financial transactions as effortless as possible. Almost half of IBAN payments in the app are made using parsing technology. This technology allows payment details to be filled in instantly: all you need to do is take a photo of a paper receipt or the screen of another device, paste the details from a message, or upload a file in any format, and the system will recognise all the information and place it in the appropriate fields.

NovaPay is an international financial service from the NOVA (Nova poshta) group of companies, which has been providing online and offline payment solutions in over 3,600 branches for 13 years. NovaPay was the first non-banking institution in Ukraine to receive an extended licence from the NBU to open accounts and issue cards.