PrivatBank makes its online banking service Privat24 available to all

Ukraine’s largest bank PrivatBank just rolled out on Aug. 2 an extended version of its internet bank Privat24, making its services available to users of any bank around the world.

The state-owned bank positions its new Privat24 as a “bank of a new generation.” It is still in beta mode and will be fully operational as soon as PrivatBank gathers and analyses users’ feedback. However, even now anyone can test the service using its trial website version.

The online banking tool allows users to transfer money from any bank card to another, as well as pay for cell phone and utility bills. The bank says more new services will appear by the end of the year.

The new service will allow PrivatBank to earn money by letting more people use its services.

“And why not?” Kristina Karmazina, the head of e-commerce projects at PrivatBank, told the Kyiv Post on Aug. 2. “Not everyone has a card with PrivatBank” as they are already committed to other banks’ services.

Karmazina compares the new Privat24 with an online store: one adds required services to the website’s “shopping cart” and then pays, supplying their bank card details.

All services work without the need for phone verification or passwords. All one needs is the internet and a bank card. The currency of a transaction depends on the currency of the user’s bank card.

The transactions fees remain the same as they were for existing Privat24 users. For example, if one wants to transfer $1,000 to $1,500 to the United States, the charge is $76. Here’s the list showing all the tariffs in dollars and euros.

PrivatBank’s users, in turn, can log into their existing accounts and use PrivatBank bank cards to pay for the services.

Privat24 is Ukraine’s most popular and high-tech online banking tool, which can be accessed via desktops, smartphones, and tablets. Currently, 9 million people use the Privat24 service in Ukraine, of whom 6 million have installed the mobile app.

PrivatBank was launched in 1992 under the ownership of Ukrainian oligarch Ihor Kolomoisky. Kolomoisky’s assets are now frozen as the new ownership of PrivatBank sued him for allegedly stealing billions of dollars from depositors. The bank was nationalized in December 2016.

The Kyiv Post’s technology coverage is sponsored by Ciklum and NIX Solutions. The content is independent of the donors.