The National Bank of Ukraine is entering a new stage in the development of Open Banking from October 1, 2025. This initiative is designed to facilitate payments for all participants in financial transactions - both banks and their customers, reports Finance.ua.
Main Changes
Full legal name of the recipient. From now on, all payments will be accompanied by the full legal name of the beneficiary company. This will provide accurate information to clients without any abbreviations.
Expanded payer details. The new rules require the full name or title of the recipient and their account to be specified in all transactions, including person-to-person transfers. This will promote a better understanding of the source of payments by clients.
Transparency of online payments. Companies conducting acquiring operations will now provide the full name during payment confirmations along with the cardholder's data. This will facilitate clients' understanding of conducted transactions.
Impact on clients
According to the National Bank, the new rules will help avoid misunderstandings due to 'unintelligible codes' in statements and reduce fraud risks. Now every transaction will have accessible information about the counterparty.
Anonymous payments will be absent, so clients are advised to carefully check the details before transferring funds, as in case of errors, the payment may be delayed or returned. Banks will be required to provide a payment tracking service, allowing clients to monitor the location of their funds in real time.
Ukraine is introducing new Open Banking rules that will simplify payment processes and make them more transparent for all participants. The implementation of new requirements will help prevent fraud and improve clients' understanding of financial operations.