Power Banking

2022: Networking

In Ukraine, a Power Banking banking network has appeared, capable of operating in the context of a total blackout. The National Bank of Ukraine announced this at the end of December 2022.

It is noted that the network created the NBU together with the backbone banks of the country. It will consist of a thousand branches provided with alternative energy sources and communication channels.

Ukrainian banks have created a joint network to work under blackout

As specified in the NBU, when power is cut off, a limited list of services will be available in Power Banking branches. It includes: receiving cash at an ATM or cash desk, payments or transfers of funds, currency exchange and management advice.

Network branches have introduced "ATM national roaming," thanks to which customers will be able to withdraw an "increased amount of cash" at the ATM of any bank of the network, sufficient to meet current needs and form a certain stock. The NBU does not name the amount of this amount.

It will be possible to find out the branch of the general banking network by special marking Power Banking at the entrance. This sign will indicate that the department is specially equipped and will work in a long absence of electricity, the NBU reports.

Since October 2022, Russia has resumed mass attacks on the critical infrastructure of Ukraine. On December 16, 2022, Ukrenergo declared an emergency due to power outages. The Ukrainian authorities expect that in the event of a blackout, communication in the country will work for at least three days.

At the end of November 2022, the National Bank of Ukraine reported that only a quarter of ATMs operate in the country after power supply failures. At the same time, the banking system "maintains stability," the electronic payment system continues to work, banks are connected to it, payment cards are served, the regulator said.^[1]

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