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Security is a core value in the implementation of Open Banking at OTP BANK

26/ 03/ 2026
  OTP BANK JSC defines the security of customer data and clear development priorities as the key foundation for implementing Open Banking. Robust control and reliable protection of customer information serve as the core value around which the Bank builds new services and approaches to interaction within the open banking framework. This was highlighted by Head of Digital at OTP BANK, Maksym Volchenko, during the panel discussion “Open Banking & Instant Payments. A New Payment Architecture in Ukraine” at the Pay.Forum conference. According to Maksym Volchenko, Open Banking today should be viewed as an ecosystem that is still in the stage of formation and compliance. Banks are currently implementing the required changes, adapting to new regulations, and simultaneously facing challenges typical of the early development phase. “The focus of OTP BANK’s team is our core value as a Bank — the security of customer data. In implementing Open Banking, we have concentrated specifically on ensuring security and convenience in granting and confirming consent for sharing financial information and initiating payments,” explained the Head of Digital at OTP BANK. At the same time, the market is only beginning to shape the real customer value of Open Banking. Most users do not yet fully understand the opportunities offered by this new model, and some clients still have concerns about data protection. The development of instant payments also plays a crucial role in advancing Open Banking. Maksym Volchenko emphasizes that without this component, the open banking ecosystem will not be able to fully unlock its potential. “Customers will start to truly understand Open Banking when services delivering real value emerge. From our side, I can say that 93% of payments in the OTP Bank UA app are completed in an average of 3 seconds. As a Bank, we are actively developing and promoting instant payments as an integral part of the customer experience,” Maksym Volchenko noted. The next stage is expected to involve the active integration of third-party providers (TPPs), who will begin working with data, after which customers will fully engage in the process. Their feedback will enable the market to develop relevant products and services. At the same time, according to the Head of Digital at OTP BANK, the key value lies not only in the speed of transactions but also in their completeness and the services built around them — including detailed information, expense categorization, and financial insights that users of card products are already accustomed to. Therefore, one of the main challenges for the market will be to create an A2A payment experience that is not only on par with, but superior to, the card-based experience.

OTP BANK JSC defines the security of customer data and clear development priorities as the key foundation for implementing Open Banking. Robust control and reliable protection of customer information serve as the core value around which the Bank builds new services and approaches to interaction within the open banking framework. This was highlighted by Head of Digital at OTP BANK, Maksym Volchenko, during the panel discussion “Open Banking & Instant Payments. A New Payment Architecture in Ukraine” at the Pay.Forum conference.

According to Maksym Volchenko, Open Banking today should be viewed as an ecosystem that is still in the stage of formation and compliance. Banks are currently implementing the required changes, adapting to new regulations, and simultaneously facing challenges typical of the early development phase.

“The focus of OTP BANK’s team is our core value as a Bank — the security of customer data. In implementing Open Banking, we have concentrated specifically on ensuring security and convenience in granting and confirming consent for sharing financial information and initiating payments,” explained the Head of Digital at OTP BANK.

At the same time, the market is only beginning to shape the real customer value of Open Banking. Most users do not yet fully understand the opportunities offered by this new model, and some clients still have concerns about data protection. The development of instant payments also plays a crucial role in advancing Open Banking. Maksym Volchenko emphasizes that without this component, the open banking ecosystem will not be able to fully unlock its potential.

“Customers will start to truly understand Open Banking when services delivering real value emerge. From our side, I can say that 93% of payments in the OTP Bank UA app are completed in an average of 3 seconds. As a Bank, we are actively developing and promoting instant payments as an integral part of the customer experience,” Maksym Volchenko noted.

The next stage is expected to involve the active integration of third-party providers (TPPs), who will begin working with data, after which customers will fully engage in the process. Their feedback will enable the market to develop relevant products and services.

At the same time, according to the Head of Digital at OTP BANK, the key value lies not only in the speed of transactions but also in their completeness and the services built around them — including detailed information, expense categorization, and financial insights that users of card products are already accustomed to. Therefore, one of the main challenges for the market will be to create an A2A payment experience that is not only on par with, but superior to, the card-based experience.

This material is provided by a member company or partner organization of the European Business Association as part of an informational collaboration. The Association is not responsible for the accuracy, completeness, or reliability of the information presented. The views, opinions, and recommendations expressed in this material are solely those of the authors and do not reflect the official position of the European Business Association.

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