PrivatBank to become partner of Finance Ministry in creating unified budget payment verification system
The nationalized PrivatBank (Kyiv) will take part in the creation of the unified budget payment verification system, the financial institution has said in a press release.
According to the report, on Thursday, the Finance Ministry of Ukraine and PrivatBank signed a memorandum of cooperation that would help to use the bank's solutions in the IT sector to create the unified budget payment verification system in the country.
During the signing ceremony Finance Minister Oleksandr Danyliuk said that at present the budget annually loses billions of hryvnias over the absence of the monitoring system for payment of benefits, social payments, subventions for the provision of benefits and subsidies. This is linked to inconformity of the existing databases of various public agencies.
"Our main goal is to increase effectiveness of the budget payment verification system, which would significantly save budget funds. Cooperation with PrivatBank in this direction is important for the entire country," the press service said, citing Danyliuk.
According to the report, the Finance Ministry will use not only solutions of PrivatBank to design the unified budget payment verification system, but the ministry will also involve specialists to develop new solutions.