Open banking starts in Ukraine
The National Bank of Ukraine has approved new rules for open banking aimed at creating unified standards for information exchange between financial institutions and external companies. This will pave the way for the development of innovative digital solutions in the country's financial sector.
The concept of open banking will allow bank customers to grant permission for external services to use their accounts. This will enable money transfers and information access about accounts from various banks in a user-friendly interface.
“The new rules require banking institutions to provide capabilities for open banking through special application interfaces that must operate in accordance with a unified technical regulation,” the NBU's resolution states.
- The architecture of the open banking system has been defined, which encompasses banks, third-party providers, and the NBU as the regulator;
- Unified rules for connecting to APIs and exchanging information have been approved;
- Stages for implementing open banking have been outlined - from 2025 to 2027;
- Requirements for information security and personal data protection have been developed.
Thanks to these changes, clients will gain simplified access to fintech solutions through their accounts, the ability to analyze bank offers, and make payments without authorization in online banking. This opens new opportunities for entrepreneurs in the field of financial technologies and will strengthen competition in the banking services market.
Open banking will come into effect from August 2025, and the National Bank has one and a half years to prepare technical requirements for application interfaces. The gradual implementation of the system is planned until 2027.
Let us remind you that PrivatBank has already simplified key customer service procedures.
The emergence of open banking in Ukraine will open new opportunities for clients, financial institutions, and service provider companies. Simplified access to financial solutions, analysis of bank offers, and the ability to make free payments will be available from August 2025, according to the approved plan of the National Bank.