Ukrainian Processing Center (UPC) and leading software and services company Tietoevry Banking announced a partnership to develop open banking services in Ukraine.
The partnership will enable UPC to be the frontrunner in open banking platform with a modern and standardized way for Ukrainian financial institutions to access value-added services through the open API marketplace.
As part of the strategy to create Open API Marketplace and offer an enhanced customer experience, UPC will launch a new Open Banking Platform in collaboration with Tietoevry Banking later this year. The new platform will offer a quick and standardized way for UPC customers to access a broad range of different services provided by UPC. It will also allow UPC to run the business of API aggregation in Ukraine and beyond. The ease of access will be ensured by utilising standardized APIs based on Berlin Group framework which is a pan-European payments interoperability standards and harmonization initiative with the primary objective of defining an open and common Open Banking API scheme.
Valdis Janovs, Head of Instant Retail Payments and Cards in Tietoevry Banking said: “We are truly proud to enter this partnership with UPC and proactively support their journey on creating a new Open Finance offering to drive innovation, efficient and secure payment services for the financial sector in Ukraine. As a trusted technology provider, we do ensure that UPC can access world-class API banking technology to go beyond PSD2 requirements delivering better and data-rich services for UPC customers and increasing loyalty in the years to come”.
Already in July 2021 the Parliament of Ukraine approved a new bill to improve payment services in the country. The bill provides the implementation of Open Banking to stimulate financial development in Ukraine. As part of the Open Banking Platform implementation project of UPC, the platform and rendered services will fully comply with this new regulation, and beyond.
Anton Romanchuk, CEO UPC, added, “We are looking forward to working with Tietoevry Banking on this digitalization journey. For us, the launch of the new platform means an opportunity to expand our service offering, reduce costs and optimize access to our services’ APIs. Our customers get fast integration with UPC, unified API, and quick time to market for products and services to the benefit of our customers”.
In addition, Tietoevry Banking Open Banking Platform offers an opportunity to easily and quickly aggregate APIs from many any financial players in the market, for example, fintechs, banks and other payment service providers. This way, it allows also aggregating different customer’s services and publishing via unified APIs, thus reducing efforts for service integration.