IdeaBank has announced the launch of a new next-generation P2P transfer service that enables its customers to make instant account-to-account transfers directly, without using payment cards. The solution is built on the capabilities of A2A (Account-to-Account) / PayByBank technology provided by Ukrainian Processing Center (UPC).

The service is integrated into the bank’s O.Bank mobile application. It allows users to complete an instant transfer between bank accounts in just two clicks, without entering bank details such as IBAN, company registration numbers, or the name of the banking institution. Built on a modern infrastructure, the solution significantly enhances the user experience for the bank’s customers.

Key benefits of the new payment method include:
•    lower transaction costs compared to traditional card transfers;
•    high payment processing speed;
•    increased security and transaction transparency;
•    simplified mechanisms for monitoring and controlling operations.

The innovative solution provides a unified API for working with banks and orchestrating payment scenarios. It is built on the National Bank of Ukraine’s SEP 4.1 instant payment system.

“The A2A payment model for P2P transfers opens up entirely new opportunities for banks and fintech companies. It addresses a critical challenge by removing the technical complexity of integrations and delivering a ready-made infrastructure to the market for improving customer experience,” said Ihor Horin, Head of Strategic Development at UPC.