New rules of money: what is “open banking” and how it has already worked in Ukraine
1 August 19:55
VIDEO
On August 1, 2025, an important stage in the implementation of the open banking concept, a modern model of financial data exchange that has long been in use in the EU, began in Ukraine. Oleksiy Shaban, Deputy Governor of the National Bank of Ukraine, spoke about the essence of the innovations in the Chronicles of the Economy podcast for Ekonomichna Pravda.
According to him, open banking will be a new step towards the digitalization of financial services, increased competition in the market and convenience for users. [ “Komersant has systematized the main things that businesses, users and the market should know about this topic.
What is open banking and why is it needed?
Open banking is a model that provides for the secure and controlled exchange of data between financial institutions and third parties through standardized APIs (application programming interfaces).
The key condition is the client’s consent. Only the user decides which company can access his or her financial data and to what extent: the balance, transaction history, account details, etc.
This opens the way for the creation of new digital services. For example, mobile applications for convenient financial management, quick change of bank to get a loan, and accounting automation for small businesses.
What will change from August 1?
On August 1, 2025, the provisions of Chapter 4 of Section IV ofthe Law of Ukraine “On Payment Services” will come into force. According to them:
- all banks and non-bank financial institutions that maintain accounts must provide third parties with access to open APIs;
- third parties providing non-financial payment services must be authorized by the NBU;
- the initial stage will apply only to retail accounts. Later, the functionality will be extended to individual entrepreneurs and business clients.
In fact, the launch will be phased. Technically, opening an API is a complex process that requires time and investment. In addition, only companies that have received official authorization from the National Bank will be able to work within the framework of open banking.
How data security is ensured
Security is one of the priorities of the reform. Oleksiy Shaban emphasized:
“No third party will have access to the account without the user’s explicit consent. For this consent to be valid, it must be confirmed through two-factor authentication. This prevents unauthorized access.”
In addition:
- third parties cannot operate with user funds, only view authorized data;
- all companies must be tested by the NBU for cyber resilience, data protection, and risk management;
- a list of authorized companies will be available in the NBU’s Payment Infrastructure Register.
What will “open banking” bring to Ukrainians?
For the average user, this is primarily the emergence of new financial services that are more convenient and faster than classic banking applications. For example:
- the ability to automatically compare loan terms and conditions at different banks;
- access to financial planning through third-party applications;
- combining accounts from several banks in one interface.
For small and medium-sized businesses, open banking will pave the way for accounting automation, convenient account management, and integration with CRM/ERP systems.
And for the market as a whole, it will increase competition, as new players (e.g., fintech companies) will be able to provide high-quality services based on access to banking data.
Open banking has been launched in Ukraine: what’s in store for the future
The National Bank of Ukraine expects that the gradual introduction of open banking will allow Ukraine to move closer to the European PSD2 standards, and subsequently to the third PSD3 directive, which is currently being discussed in the EU.
This is not just a technical update. It is a change in the logic of the financial market: from closed to open. The user gets more rights, services, and control,” Shaban summarized.
In the coming months, financial institutions should start testing and publicly opening the API. Users will be able to observe the emergence of new services in banking applications or in certain fintech products.
It is worth noting that open banking is already in place in most EU countries, the UK, Canada, and Australia. Its introduction in Ukraine is one of the requirements for harmonization of legislation as part of European integration.
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