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Russia welcomes first open banking participants

Source: Bank of Russia

Promsvyazbank and Tochka, a fintech service for small businesses, started using Open Banking API developed by the Bank of Russia and the Russian FinTech Association (RFA).

They have successfully passed the tests at the Open API Certification Stand, which is operated by the Russian FinTech Association – an organization responsible for developing Open Banking in the country. The tests made sure that Promsvyazbank and Tochka comply with Open API standards published by the regulator. Opening APIs and using standards are voluntary for Russian banks.

Participants use common open API standards and join common rules without the need to sign additional agreements among each other.

The first use сase for open APIs in Russia will be SME accounts data exchange between banks. Thereby when applying for a loan, companies will not need to provide the bank with paper account statements from other banks; it is enough to give consent to the transfer of this information in a digital form.

The Bank of Russia approved the first recommendatory standards for Open Banking in October 2020. They include API standards for account information, payment initiation as well as information security standards. The Russian FinTech Association carries out pilot projects with local banks and fintechs in order to test the standards in real business cases.

“Open API is a global trend. The Certification Stand and the Open API Portal were developed by the RFA together with market players and the regulator. They are fundamental components of Open Banking in Russia", – says Tatiana Zharkova, СEO of the Russian FinTech Association. 

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