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54-713: PrivatBank (Ukrainian: ПриватБанк) is the largest bank in Ukraine by assets. It was formed on 19 March 1992 and has been owned by the Government of Ukraine since 2016. In early 2024, it was confirmed by the National Bank of Ukraine as one of the country's systemically important banks . PrivatBank has the second-largest network of branches and the largest network of ATMs and terminals among Ukrainian banks . As of July 2022, more than 7,000 ATMs, 11,000 payment terminals and more than 250,000 POS terminals are operating in

108-493: A "special status". Only very few central executive offices are designated as funds, committees or otherwise. The current Cabinet of Ministers of Ukraine is the Shmyhal Government that was formed on 4 March 2020, led by Denys Shmyhal . The number of ministries in the cabinet has changed over time, some ministries were abolished, others combined with others or degraded to state committees or agencies. Each ministry

162-612: A Thomson BankWatch rating statement (an international rating agency) and became a full member of the Europay payment system. In 1998 the Bank obtained a credit rating from Fitch IBCA . On 6 July 2000, PrivatBank shareholders decided to reorganize the Bank from a limited liability company to a closed joint-stock company . The Charter of the Closed Joint-Stock Company Commercial Bank "PrivatBank"

216-434: A bank sends out to a customer's mobile phone, without the customer initiating a request for the information. Typically, a push message could be a mobile marketing message or an alert of an event happening in the customer's bank account, such as a large withdrawal of funds from an ATM or a large payment involving the customer's credit card , etc. It may also be an alert that some payment is due, an amount has been credited to

270-406: A commercial bank in the form of a limited liability company. At the very beginning, PrivatBank had only one office and a few computers. PrivatBank was the first in Ukraine to introduce plastic cards and ATMs. In 1996 PrivatBank became a full member of Visa International (payment system) and launched a large-scale plastic cards issuance. In 1997 PrivatBank became the first Ukrainian bank to obtain

324-457: A fully digital office in Kyiv , which is informally called the branch of the future. PrivatBank earned a profit of ₴35.050 billion according to the official data of the National Bank of Ukraine in 2021. Below is information on the Bank's equity, assets, and net profit for the past 15 years. More detailed financial indicators of the Bank can be found on the Bank's website in the section About

378-498: A majority of the parliament, a "coalition of parliamentary factions" (Ukrainian: Коаліція парламентських партій). A February 2010 law on the parliament's regulations does demand both a decision by the factions and 226 signatures by members of parliament. On 1 October 2010, the Constitutional Court of Ukraine declared the constitutional amendments of 2004 illegal, thus abolishing the principle of coalition creation in

432-651: A robust control environment and a flexible and scalable operating environment. These solutions are able to connect seamlessly to multiple SMSC operators in the country of operation. Depending on the volume of messages that are required to be pushed, means to connect to the SMSC could be different, such as using simple modems or connecting over leased line using low level communication protocols (like SMPP , UCP etc.) Advanced SMS banking solutions also cater to providing failover mechanisms and least-cost routing options. Most online banking platforms are owned and developed by

486-580: Is a very real possibility for fraud when SMS banking is involved, as SMS uses insecure encryption and is easily spoofable (see the SMS page for details). Supporters of SMS banking claim that while SMS banking is not as secure as other conventional banking channels, like the ATM and internet banking, the SMS banking channel is not intended to be used for very high-risk transactions. Due to the concerns made explicit above, it

540-582: Is aimed at making profit. In case if a People's Deputy of Ukraine was appointed to the Cabinet of Ministers of Ukraine they resign as a member of parliament and their letter of resignation is reviewed immediately at the next session of the Verkhovna Rada . At the sessions of the Cabinet, the President of Ukraine or their designee may participate. During the plenary sessions of the Verkhovna Rada ,

594-454: Is an ATM fraud happening in the region, the bank can push a mass alert (although not subscribed by all customers) or automatically alert on an individual basis when a predefined ‘abnormal’ transaction happens on a customer's account using the ATM or credit card. This capability mitigates the risk of fraud going unnoticed for a long time and increases customer confidence in the bank's information systems . The lack of encryption on SMS messages

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648-410: Is an area of concern that is often discussed. This concern sometimes arises within the group of the bank's technology personnel, due to their familiarity and past experience with encryption on the ATM and other payment channels. The lack of encryption is inherent to the SMS banking channel and several banks that use it have overcome their fears by introducing compensating controls and limiting the scope of

702-566: Is chaired by its head ( holova ). Many central offices of executive authority without ministerial status may be part of a government ministry, while others function separately or support either the President of Ukraine or the Verkhovna Rada (parliament). Central offices of executive authority without ministerial status are designated either as services, agencies, or inspections. Selected central offices of executive authority are granted

756-408: Is extremely important that SMS gateway providers can provide a decent quality of service for banks and financial institutions in regards to SMS services. Therefore, the provision of Service Level Agreement (SLA) is a requirement for this industry; it is necessary to give the bank customer delivery guarantees of all messages, as well as measurements on the speed of delivery, throughput, etc. SLAs give

810-638: Is in charge of other government sub-departments. There are three basic types of government sub-departments known as "central offices (organs) of executive authority": services, agencies, inspections. Beside the basic government sub-departments there also other government sub-departments which were granted a special status. Among such sub-departments there are various government committees, government commissions, government funds, and other institutions. Sub-departments may be elevated to ministerial status by their reorganisation and, vice versa, government ministries may degraded to sub-departments (e.g. Ministry of Emergencies

864-567: Is valid for a relatively short period and expires once it has been used. Bank customers can select the type of activities for which they wish to receive an alert. The selection can be done either using internet banking or by phone. Pull messages are initiated by the customer, using a mobile phone, for obtaining information or performing a transaction in the bank account. Examples of pull messages include an account balance enquiry, or requests for current information like currency exchange rates and deposit interest rates , as published and updated by

918-583: The Government of Ukraine ( Ukrainian : Уряд України , Uriad Ukrainy ), is the highest body of state executive power in Ukraine . As the Cabinet of Ministers of the Ukrainian SSR , it was formed on 18 April 1991, by the Law of Ukrainian SSR No.980-XII. Vitold Fokin was approved as the first Prime Minister of Ukraine . The cabinet is a collegiate body consisting of the cabinet's "presidium" composed of

972-644: The Bank by UAH 116,800 million and by further UAH 38,565 million in June 2017. Subsequently, the Ukrainian state has owned 100% of the shares of the authorized capital. The Bank is a universal Bank that focuses on the retail segment, actively promoting services for small and medium businesses and selectively working in the corporate sector. Almost 19 million Ukrainians regularly use the services of PrivatBank, and there are currently 15 million customers of Privat24 digital banking. The sectoral characteristics of

1026-428: The Bank – Financial reporting . (at the year-end) (at the year-end) (in a year) Government of Ukraine 50°26′52.0″N 30°32′1.4″E  /  50.447778°N 30.533722°E  / 50.447778; 30.533722 The Cabinet of Ministers of Ukraine ( Ukrainian : Кабінет Міністрів України , romanized :  Kabinet Ministriv Ukrainy ; shortened to CabMin ), commonly referred to as

1080-540: The Bank's customer base show that a large part comprises trade and commercial enterprises. A significant share of corporate customers are enterprises in the food, transport, agricultural, and construction industries. In 1999, the Bank launched SMS-banking , and in 2000, it introduced dynamic one-time OTP passwords by linking the card to a mobile phone number. In 2001, PrivatBank launched the Privat24 digital banking system. As of June 2022, more than 15 million people use

1134-568: The British magazine The Banker , in 2016 PrivatBank ranked 16th among the largest banks in Central and Eastern Europe and 627th among the top 1000 global banks. PrivatBank is one of the first private commercial banks established in Ukraine. Decision on PrivatBank establishment was taken at the meeting of its founders on 7 February 1992. On 19 March 1992, the Bank was registered by the Stateas

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1188-408: The Cabinet are considered plenipotentiary if more than a half of the Cabinet's members participate in them. In case if a minister cannot participate at the sessions they may be replaced by a deputy with a consultative capacity. On propositions of other members of the Cabinet a consultative capacity may be awarded to other participants who allowed at the sessions of the Cabinet. Over the sessions presides

1242-401: The Cabinet of Ministers of Ukraine "to (assist with) the formation of the priorities of state policy and management decision-making". To be considered, the petition must get at least 25,000 votes three months from the date of publication. According to Oleksandr Zapadynchuk, the process of establishing an administrative system in an already independent Ukraine started in the spring of 1991 when

1296-584: The Cabinet of Ministers of Ukraine (in place of the Council of Ministers of the Ukrainian SSR) was created, with new members of the government being appointed, as well as a new government office being formed. Until the adaptation of the Constitution of Ukraine in 1996, the government of Ukraine was ruled by the 1978 Constitution of Ukraine (the Ukrainian SSR). Also, the 1978 Constitution ruled that

1350-696: The Constitution of Ukraine. Members of the government (cabinet) are citizens of Ukraine, who have the right of vote, higher education, and possess the state language ( Ukrainian ). The members of the government cannot have judgement against them that has not been extinguished and taken away in the established legal order. Members of the Cabinet and chief officers of central and local bodies of executive power may not combine their official activity with other work, except teaching, scholarly and creative activity outside working hours, and/or to be members of an administrative body or board of supervisors of an enterprise that

1404-486: The Internet. Also, urgent warning messages, such as SMS alerts, are received by the customer instantaneously; unlike other channels such as the post, email, Internet, telephone banking , etc. on which a bank's notifications to the customer involves the risk of delayed delivery and response. The SMS banking channel also acts as the bank's means of alerting its customers, especially in an emergency situation; e.g. when there

1458-580: The People's Deputies of Ukraine have the Time of questions to the Government during which the whole Cabinet participates and answers to all queries of members of the Verkhovna Rada . The Cabinet issues resolutions and orders that are mandatory for execution. Normative legal acts of the Cabinet, ministries, and other central bodies of executive power are subject to registration. Failure to register invalidates

1512-459: The President of Ukraine (an office created in 1991) is a head of state and a head of government (executive power) (Article 114-1). At the same time, the government headed by Prime Minister de facto remained independent and detached from the President, a state institution which had to function governed by its own programme. The duties of the Cabinet of Ministers are described in Article 116 of

1566-657: The Prime Minister of Ukraine and their vice prime ministers as well as other ministers who participate and vote on sessions of the cabinet. The prime minister presides over the cabinet. Some vice prime ministers may be appointed as the first vice prime ministers. Unlike the Soviet period of the government when presidium was actually a functioning institution, the current government presidium is nominal and vice prime ministers do not have much advantage over other ministers. All government decisions are being voted for and adopted at

1620-602: The Prime Minister of Ukraine, while in his(hers) absent – the First Vice Prime Minister. The decisions of the Cabinet are adopted by the majority of the Cabinet's composition. In case of votes equality the vote of the Prime Minister is considered to be decisive. Heads of regional government (including the Presidential representative of Ukraine in Crimea ) are appointed by the President of Ukraine on

1674-481: The Prime Minister's resignation. But a Cabinet's resignation cannot be considered within a year of the Cabinet's approval of its programme of activities, meaning a Cabinet dismissal can not done in its first year of existence. The President can order the Cabinet to carry out its duties for up to 60 days until a new Cabinet begins to work. The composition of Cabinet is determined by the Parliament of Ukraine on

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1728-418: The Privat24 digital banking system. And in 2002, the Bank introduced electronic document management . Subsequently, PrivatBank was the first in the world to introduce P2P transfers between cards on the Internet and began mass emission of instant cards. In 2005, the Bank emitted a millionth credit plastic card. Beginning from 2004, PrivatBank has started to make international money transfers to Ukraine using

1782-538: The PrivatMoney payment system. In 2008, PrivatBank created the first iPhone application in Eastern Europe – iPay, and in 2010, PrivatBank launched mobile payment terminals. 2012 was the year of the introduction of contactless cash withdrawal via ATMs using a smartphone and a QR code . And in 2015, PrivatBank launched the technology of instant payment via QR code. In 2016, Visa and PrivatBank announced

1836-422: The SMS banking application to where it offers an advantage over other channels. Suppliers of SMS banking software solutions have found reliable means by which the security concerns can be addressed. Typically the methods employed are by pre-registration and using security tokens where the transaction risk is perceived to be high. Sometimes ATM type PINs are also employed, but the usage of PINs in SMS banking makes

1890-577: The STP Excellence Award from Deutsche Bank . In 2009, the Bank changed its organizational and legal form to a public joint-stock company. In June 2018, the Bank changed its organizational and legal form from a public joint-stock company to a joint-stock company. On December 18, 2016, the Deposit Guarantee Fund (DGF) appointed a temporary administrator to manage the activities of PJSC CB "PrivatBank" in accordance with

1944-477: The act. (see Article 117 ) The Cabinet also possesses the power of legislative initiative and may introduce its own bills to the Verkhovna Rada . The members of Cabinet and deputy ministers may be present at the sessions of the parliament and participate in discussions. Every year no later than 15 September the Cabinet submits a bill on the State Budget of Ukraine to the Verkhovna Rada . The sessions of

1998-535: The amount of UAH 155,764 million and converted UAH 10,934 million of customer funds, UAH 10,721 million of issued Eurobonds and UAH 7,783 million of subordinated debt into authorized capital of the Bank (‘bail in’). On December 21, 2016, after the bail in, the Bank's shares were sold for UAH 1 to the Ministry of Finance of Ukraine . In December 2016, the Ministry of Finance decided to increase the authorized capital of

2052-430: The bank. Depending on the selected extent of SMS banking transactions offered by the bank, a customer can be authorized to carry out either non-financial transactions, or both and financial and non-financial transactions. SMS banking solutions offer customers a range of functionality, classified by push and pull services as outlined below. Typical push services would include: Typical pull services would include: There

2106-471: The customer's account or that an e-statement is ready to be downloaded. Another type of push message is one-time password (OTPs). OTPs are the latest tool used by financial institutions to combat cyber fraud . Instead of relying on traditional memorized passwords, OTPs are sent to a customer's mobile phone via SMS, who are required to repeat the OTP to complete transactions using online or mobile banking. The OTP

2160-465: The customer's task more cumbersome. SMS banking usually integrates with a bank's computer and communications systems. As most banks have multiple backend hosts, the more advanced SMS banking systems are built to be able to work in a multi-host banking environment; and to have open interfaces which allow for messaging between existing banking host systems using industry or de facto standards. Well developed and mature SMS banking software normally provide

2214-546: The decision of the National Bank of Ukraine to classify the Bank as insolvent. On December 19-21, 2016, in accordance with the provisions of the Law of Ukraine “On the Deposit Guarantee System”, the DGF dismissed the Bank's Management and Supervisory Board and was solely responsible for managing the Bank's activities during these three days. The DGF recognized the impairment of loans and advances to customers in

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2268-410: The easiest channel on which customers can be reached on the spot, as they carry the mobile phone all the time no matter where they are. Besides, the operation of SMS banking functionality over phone key instructions makes its use very simple. This is quite different from internet banking which can offer broader functionality, but has the limitation of use only when the customer has access to a computer and

2322-402: The first time in Ukraine. The Bank also implemented a number of digital services: In 2020, PrivatBank launched the "Money at the cash register" service that allows to receive cash at store cash registers. Besides, the Bank has the first biometric POS terminals in Ukraine. Moreover, government services became available to customers: In 2021, the Bank opened the first Concept Store in Ukraine –

2376-542: The launch of the Visa Token Service in Ukraine, which replaces confidential payment card information with a unique digital identifier which is a token . The next two years were favorable for smartphone owners: in 2017, PrivatBank brought Android Pay (now Google Pay) to Ukraine, and in 2018 – Apple Pay. 2019 was marked in the history of innovations by the updated Privat24. Beyond that, FacePay24 technology – payment by face – became available to bank customers for

2430-464: The network. The national banking service network of PrivatBank includes approximately 1,200 branches. PrivatBank is the largest issuer and acquirer of electronic payment means in Ukraine. The bank operates several payment services including Privat24 and LiqPay. It is notable for being the first bank to introduce digital banking services to Ukraine. PrivatBank was the first in Ukraine to connect Google Pay and Apple Pay payment services. According to

2484-479: The parliament. In February 2014 the parliament passed a law that reinstated the 2004 amendments of the constitution. Three days later they also terminated the powers of five judges of the Constitutional Court of Ukraine appointed from the parliament's quota, for violating their oath. SMS banking SMS banking services may use either push or pull messages. Push messages are those that

2538-497: The petition of the Prime Minister (with exception of Minister of Defence and Minister of Foreign Affairs, which candidates are proposed by the President). The legislation on Labour and State Service do not cover regulations of Cabinet's members. Positions of Cabinet of Ministers are political and are regulated by the Constitution of Ukraine and the Law of Ukraine on the Cabinet of Ministers of Ukraine. The Verkhovna Rada terminates

2592-481: The powers of members of parliament appointed to the Cabinet of Ministers. The 2004 constitutional amendments are also erroneously known as the 2004 Constitution of Ukraine. The following amendments were procedurally adopted however as amendments rather than as constitution which requires approval of 2/3 parliament. Under the terms of Article 83 of Ukraine's Constitution a governing coalition needs to be formed by factions (rather than by individuals) that represent

2646-404: The service parameters in which a messaging solution is guaranteed to perform. The convenience of executing simple transactions and sending out information or alerting a customer on the mobile phone is often the overriding factor that dominates over the skeptics who tend to be overly bitten by security concerns. As a personalized end-user communication instrument, today mobile phones are perhaps

2700-589: The sessions of the cabinet by ministers only or heads of central offices of executive authority with ministerial status. The Secretariat of Cabinet of Ministers ensures the operations of the cabinet, while the National Agency of Ukraine for Civil Service provides human resources of government officials. The basic unit of government administration in Ukraine is a central office of executive authority (central executive office) which may be granted ministerial status. Each such central office of executive authority

2754-568: The submission of the Cabinet of Ministers for the term of office of the Head of the State. The Verkhovna Rada has five days to approve the Prime Minister after the President proposes a candidate. A vote in Parliament is required to approve or dismiss any government minister. The President or one-third of members of parliament can initiate a vote of no confidence, but only once in a parliament session. The entire Cabinet has to be dismissed following

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2808-563: Was an institute of "state ministries", this institute being abolished on 25 February 1992 by the Presidential Decree (#98). The Secretariat of Cabinet of Ministers (or Minister of the Cabinet of Ministers) supports the effective operation of the government. Structural part of the secretariat is also the office of the Prime Minister of Ukraine. Parts of Cabinet meetings are broadcast live on Ukrainian TV . Since August 2016, Ukrainians can sign and submit electronic petitions to

2862-484: Was degraded to a sub-department of the Ministry of Internal Affairs). The Cabinet is responsible to the President of Ukraine and is under the control of, and is held accountable to, the Verkhovna Rada . The Cabinet consists of the Prime Minister, the First Vice-Prime Minister, three Vice-Prime Ministers, and other Ministers, who head their assigned Ministries (departments). At one time, there also

2916-499: Was registered on 4 September 2000. The launch of the Privat24 project was a significant event in the Ukrainian banking system in 2001. Customers were able to manage their accounts online, make regular payments, transfer funds, etc. In February 2002, PrivatBank emitted its millionth plastic card. In 2003, the Western Union system recognized PrivatBank as the best bank in terms of customer service quality. The Bank also obtained

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