Financial market

Open bank. New opportunities for the financial market of Ukraine

Open bank. New opportunities for the financial market of Ukraine

Open banking, which will be fully operational in Ukraine in 2025, will launch a new phase in the functioning of the financial market. Banks will open their interfaces (APIs) and allow third-party companies to acquire customer data, using it, to create new innovative services.

In order for open banking to work not only on paper, it is important to formulate rules for its regulation and to set specific standards. It is a complex ecosystem which offers many scenarios of interaction between the participants and which must also take into consideration the interests of each of them. With the aim of developing open banking standards in the Ukrainian market, several initiative groups have already been established, bringing together representatives of banks, financial technologies, payment systems and providers, etc. One of the mentioned is Open APi Group, which has united around this idea over 40 companies, including banks, non-bank financial companies, payment providers and systems, IT companies and others, as well as foreign consultants who provide expert advice to build an efficient open banking system. The initiative group is working on the development of the specification, analyzing the issues of GDPR, anti-fraud and use cases where open banking could be used in terms of specific market and consumer needs. . Unlike the European market, where the launch of open banking was done from scratch, Ukraine already has such an opportunity to take into account the experience and conclusions of other countries (thus avoiding a number of ‘errors). This is why the members of the Open API Group carefully analyze the OBIE UK model and the Berlin Group model in order to learn from best practices around the world.

It is expected that the “sandbox” of the National Bank of Ukraine, which will allow the testing of innovative financial products, will start to operate in August 2022 and it will be possible to try an open banking scenario in practice using this platform.

The Ukrainian finance and payments market is quite advanced, and consumers are quite demanding, as they have long been used to various innovations. This is why the development of Open banking standards and rules is an ambitious objective which must also take into account, among other things, market trends and create only the services that will be requested, according to the needs of customers and companies. .