Vitaliy Romanchukevich: Open banking — the foundation of Ukraine's modern financial ecosystem
First Vice President of the Association of Ukrainian Banks Vitaliy Romanchukevich commented on Ukrainian Radio on the new Regulation on the implementation of open banking approved by the National Bank of Ukraine, which will come into force on August 1, 2025.
According to the Regulation, a mechanism for providing payment services through a specialized interface (API) is being introduced, which allows for the secure, structured, and controlled exchange of banking data—exclusively with the user's consent.

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“This is a fundamental change in the approach to interaction between banks and customers. Account data can be made available to third-party fintech services only to the extent permitted by the user, for example, for analyzing expenses or creating a personal budget,” emphasized Vitaliy Romanchukevich.
According to the expert, open banking is an important step towards harmonizing the Ukrainian banking system with European standards. This tool opens up new opportunities for both individuals and businesses, promoting competition, innovation in financial services, and improved service quality.
The actual launch of open banking services is expected to take place in the second quarter of 2026, and by the end of that year, this mechanism will become an integral part of Ukraine's digital financial infrastructure.
Vitaliy Romanchukevich paid special attention to Ukraine's accession to the Single Euro Payments Area (SEPA). According to him, open banking is the technical basis for joining SEPA, which will allow Ukrainian users to make transfers in euros directly, without intermediaries, at minimal cost. This is not only an economic but also an important political step on the path to European integration.
The first vice president of the AUB cited examples from the EU, the UK, and the US, where open banking has already proven its effectiveness: over 70% of users say they have gained better control over their finances.

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“Open banking is not just a technology, it is a fundamentally new model of interaction that eliminates the monopoly on financial data, stimulates innovation, and ensures transparency. It is the path to a more open, competitive, and customer-oriented banking system,” concluded Vitaliy Romanchukevich.