Privat24 for business strengthens authentication for customers

In Privat24 for business, the client authentication scheme was changed according to the requirement of NBU No. 58.

How to use internet banking under the new rules?

What does the new law entail?

First and foremost, it is about strengthening authentication when logging in and performing other operations through a computer. Resolution No. 58 was adopted to bring Ukrainian legislation closer to European standards. Thus, the innovation will help improve the level of security when using banking services, as well as ensure the protection of users' personal information and data confidentiality.

How is authorization in Privat24 for business now done?

Key points:

1. The time for one session will be reduced if there are no active actions in the personal account. Thus, the maximum time will not exceed 10 minutes. However, with active use, the time for one session will be half an hour and can be extended automatically. But if the user does not perform any active actions within 10 minutes, the session will be terminated. In this case, the client will receive an automatic notification from the bank about the desire to continue working in the personal account.

2. The mechanism of verification and control by the bank when signing documents or granting access to authorized persons will be complicated.

3. To log in to the system, it will be mandatory to use an EDS (enhanced electronic signature) file. That is, when logging into Privat24 for business, you can set up two verification steps - password and EDS, as well as one of the following methods:

• receiving SMS on the contact phone number,

• IVR call - an automatic operator call,

• Push notification in the Privat24 application.

How to add an authorized person to sign documents in Privat24 for business?

Sole proprietors and companies can now add trusted persons to the service, who will carry out financial transactions and sign documents on their behalf. This task can be delegated, for example, to an assistant or accountant.

To do this, you need to:

For sole proprietors

• issue a power of attorney to a specific person, notarized;

• issue a power of attorney through the bank, visiting any branch, regardless of the place of registration;

• add the authorized person through the Privat24 for business application, using the "Settings" and "Access" options.

If the authorized person does not have the right to sign, they will be able to work only with the sole proprietor's account statements and create payment orders. All these operations will be performed independently through their own account.

If the authorized person has the right to sign, they will have access to all the sole proprietor's accounts. That is, this person will be able to create payments and sign financial documents from their account. They will also be able to generate financial statements for submission to the tax office. 

For companies (legal entities)

• submit an application for adding an authorized person through any PrivatBank branch;

• update the information about the enterprise at the branch and indicate the authorized persons who will be granted the right to sign;

• issue an order for appointment, a power of attorney, or a protocol that such a decision was made at the general meeting.

If the authorized person has the right to sign, they will be able to perform various financial operations, create payments, and sign them with an EDS from their account.

If this person does not have such a right, they will be able to work with the company's account statements, but only the director of the enterprise will sign the payment orders from their own account.

All the above legislative changes apply to all banks in Ukraine. The new rules will be implemented gradually throughout the current year 2024.

For individuals, the authorization procedure in Privat24 remains unchanged.

Torgsoft Simplifies Working with Bank Accounts

Thanks to the integration of Privat24 and Monobank with Torgsoft, authorized business representatives (accountants or managers) can independently manage bank account statements. 

The additional option «Bank Account Statements» allows individual entrepreneurs to significantly simplify financial management and remotely monitor all expenses and receipts from clients and partners. 

At the same time, employees do not need to have access to the Privat24 for Business or Monobank account, nor electronic banking keys. You can grant access only to specific financial operations, accounts, or documents. For example, only to credits or only to debits.  

How Does It Work in Torgsoft?

1. Transaction information from Privat24 and Monobank for the selected settlement accounts is loaded directly into Torgsoft.

2. The entrepreneur does not need to share passwords for their client-banking system with employees.

3. At their discretion, the individual entrepreneur can grant authorized personnel access to view specific business settlement operations, for example, to obtain expense statements for a particular business account necessary for conducting financial analysis.

To ensure that this feature is useful and beneficial, it can be tested free of charge for 30 days. Account statements are synchronized with Torgsoft in one click. Transactions can be filtered in the program both by the type of operation and for a specific period.