Ukrainian Processing Center (UPC) has announced the launch of its full-scale operations as Ukraine’s first Open Banking provider based on the SaaS cloud model, opening a new stage in the development of open banking in the national financial services market.
This step is a continuation of UPC’s long-term strategy in the development of payment infrastructure and fintech solutions.
In preparation, the company updated its information reference in accordance with the requirements of the NBU Regulation on Open Banking and obtained the status of a technology operator, which officially confirms the company’s readiness to operate in the new ecosystem.
The status obtained allows UPC to provide banks with a comprehensive Open Banking service — from technological integration to ensuring the secure exchange of financial data and initiating payments in accordance with regulatory requirements and European standards: not only using cards, but also directly from accounts.
In addition to providing services to banks, UPC is implementing its second strategic goal—creating a central router to support the development of Open Banking in Ukraine called OneLinkUA. This hub is intended to become a single technology platform for banks, fintech companies, and other market participants, simplifying connection to Open Banking through a single access point, reducing integration costs, and accelerating the launch of new digital products.
“We view Open Banking not as a formal requirement of the regulator, but as a foundation for the development of fundamentally new financial services in Ukraine. Our goal is to build an infrastructure that is convenient for banks and understandable for businesses and customers,” commented Anton Romanchuk, Chairman of the Board of UPC.
The launch of the first Open Banking provider and the start of the development of a central router create the basis for the development of a competitive fintech market in Ukraine and the integration of the Ukrainian financial system into the European Open Banking ecosystem according to PSD2 standards.
