Financial Management System "Electronic PFU Budget"

The Financial Management System "Electronic budget of PFU" is built on the basis of the Integrated Complex Information System of the Pension Fund of Ukraine (ICIS PFU) "Financial Statements".

The financial management system automates the following processes of planning and implementing expenditures for the payment of pensions and benefits:

  • Determining the allocation of funds for the payment of pensions and benefits
  • Creation of a needs-based budget allocation
  • Payrolls aggregation for payment of pensions and benefits at the central level
  • Centralization of payment orders for pensions and benefits with the possibility of flexible selection of information for inclusion in payment orders
  • Authorization to banks and JSC "Ukrposhta" registers for payment statements included in payment orders
  • Processing of information from banks regarding payment information, making payments and unpaid funds
  • Information on returned funds
  • Automatic and manual identification of returned funds for automatic posting to personal accounts of recipients
  • Analytic reports on the financing of pensions and benefits, returned funds and status there of
  • Report generation on funding needs
  • Generation of operational, analytical and statistical reports for the PFU and regional divisions

Payment orders are executed through the PFU accounting system.

The transition to the use of a centralized financial management system made it possible to radically reduce administrative costs of pension payment processes (Today carried out by one person for the whole country vs several employees in each department), increase the manageability and control over pension financing processes, eliminating the human factor, and providing the PFU with detailed operational analytics.

Pension Fund of Ukraine
Years of implementation
2018 - 2022
Public Administration
Products & Solutions