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First Russian fintechs join open API pilots

Source: Russian Fintech Association

Financial marketplaces - Financial services of the Moscow Exchange and Sravni.ru - will take part in pilot projects of the Russia FinTech Association (RFA) to create services using open APIs.

As part of pilot projects organized by RFA, fintech companies will be able to develop new financial products and services with participants in the open API environment. From FinTech Association side, together with key participants in the financial industry, Open APIs are being developed, pilot projects are being carried out to test them, and the infrastructure basis for a trusted Open banking environment is being created.

"Fintech companies involved in piloting open APIs gain competitive advantages, such as the ability to exchange data with the largest players in the financial market, and reduce costs when launching new products and services. Thanks to standardized APIs, new partnerships can be created without the extra cost of customization for each case. We are glad that fintech companies focused on increasing the availability of financial services for citizens have joined our projects", — commented Tatiana Zharkova, CEO of the Russian FinTech Association.

"The introduction of open APIs for interaction between marketplaces and financial companies will increase the transparency of the market, the level of competition and the availability of financial services, which is the goal of creating the Financial Services platform. With the use of these advanced technologies, we will be able to provide our customers and partners with new opportunities. Participation in the project will allow us, on the one hand, to significantly improve the customer journey for our consumers, and on the other hand, to increase the speed and quality of interaction with our partners", — said Igor Alutin, Managing Director of the Moscow Exchange Financial Services project.

"The priority of our company is convenience, economy and safety of Sravni.ru users. Participation in the project is an excellent opportunity for cooperation and exchange of experience with key participants in the financial industry. This form of interaction will allow us to create understandable and reliable financial services for a wide audience", — said Sergei Leonidov, CEO of Sravni.ru.

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