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Укр Vitaliy Romanchukevich on Espreso TV: Open banking: when will it start working and what will change for Ukrainians?
First Vice President of the Association of Ukrainian Banks Vitaliy Romanchukevich spoke on Espreso TV about open banking, how it works, and when Ukrainians will be able to take advantage of this innovation.
How much will open banking simplify financial transactions for Ukrainians? Is this mechanism timely?
"First of all, it should be noted that open banking involves structured and secure data exchange between payment service providers, including fintech companies and, of course, banks. I believe this is relevant. Such collaboration between all participants in the financial sector will only benefit consumers. But I emphasize: you need to be vigilant, not succumb to fraud, raise your level of financial literacy, and be careful."
To what extent will their work be licensed? To what extent will it be regulated by the National Bank of Ukraine as the market regulator?
"All interactions will definitely take place via secure networks and applications. They will be controlled by the National Bank. Also, the participants who will be admitted to this service are only non-bank institutions licensed by the National Bank (for example, startups or IT companies) and banks that will confirm the high level of their activities, transparency, and cybersecurity."
What services will Ukrainians be able to use in phase 1? Are there any companies that are ready to provide users with access to the necessary applications from August 1?
"First of all, it should be noted that the market will begin to function more efficiently and effectively at the end of 2025. It will become more active in 2026. In addition, there are already banks and companies involved in the implementation of fintech services, and they are actively working in this direction. I believe that financial market participants will play a significant role, including the Association of Ukrainian Banks, which will actively provide information through information channels. In my opinion, the National Bank of Ukraine will also provide the market with information about the entities involved in the launch of this project."
