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Open banking technologies may appear on the financial services market of Ukraine in 2022

27/ 06/ 2020

It became known at the open meeting of the EBA Electronics Payment Committee, which took place on June 25 with the participation of international experts, specialists of the National Bank of Ukraine, and participants of the financial services market.

Besides, there was a discussion on the prospects of introducing standards of information-transparent banking services in the financial market of Ukraine, namely, the implementation of the EU Directive on payment services in the internal market (Directive 2015/2366 on payment services). This Directive was adopted in 2015 provided for a two-year implementation period and a gradual entry into force. Thus, PSD2 has become fully operational only since September 2019. Given the need to harmonize Ukraine’s national legislation with EU legislation, the business would like to have clarity on deadlines for implementation of PSD2 standards, risks, and obstacles that may arise during the process, as well as possible consequences for the financial services market.

The participants also discussed the international experience of implementing open banking technologies.

Krzysztof Araszewicz, Open Banking expert, IBM Poland, presented the geographical coverage of open banking, main approaches to its implementation, advantages, and national peculiarities of implementing PSD2 standards in Europe, America, and Asia with the focus on Poland’s experience.

Jose M. Moreno de Barreda, Digital Finance Specialist, IFC, also spoke about the stages and methods of implementing new standards in banking institutions, as well as key aspects for bank managers to consider when implementing open banking technologies.

At the end of an active discussion between the participants, the representative of the National Bank of Ukraine said that the NBU is already working on proposals for the draft law, the adoption of which will enable the implementation of European open banking standards in the financial services market of Ukraine in 2022. Experts of the EBA Electronics Payment Committee will be involved in developing the legal framework to ensure the adoption of agreed technical decisions in this area. The business thanks NBU for an open and productive dialogue and is ready to provide expert and analytical support in implementing reforms.

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