Open Banking indicates the opportunity for customers to provide access to their banking accounts to the third -Party Service Provider.
From August 1, the NBU resolution to open banking begins, determining equal requirements for data exchange between banks and third parties.
Open Banking provides for the opportunity for customers to provide access to their banking accounts to the third -Party Service Provider. We talk about applications that can make payments or display accounts from different banks in an interface.
Banks are required to provide such services through the API (application programming interface) to comply with a single technical standard.
The NBU resolution identified the architecture of the open banking system covering banks, third suppliers and the NBU as a regulator.
The one policies for connecting the API and the exchange of information are also approved.
In addition, the introduction stages of open banking are provided – from 2025 to 2027, and the requirements for information security and personal data protection are developed.
Thanks to new policies, Ukrainian users can easily connect financial services to their accounts, compare banking products, make transfers without entering internet banking, etc. For business, this creates new opportunities for developing financial applications. And for banks – a call to the conditions of growing competition.
The resolution begins on August 1, 2025. Within 18 months, the NBU should approve the technical specification of the API, after which the banks will begin to implement. By 2027, the full functioning of open banking in Ukraine is expected.
Remember that in Ukraine from June 1, when transferring money from a card to card, new restrictions begin to work. The monthly limit is reduced to 100 thousand hryvnias.
NBU published an assessment of stress in Ukraine’s financial system
News from CORRESPONDENT.NET On the telegram and whatsapp. Subscribe to our channels https://t.me/KorresPondentNet and WhatsApp
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.