🙏Ukraine’s🇺🇦 Integration into the EU: High Expectations for Open Banking

🙏Ukraine’s🇺🇦 Integration into the EU: High Expectations for Open Banking

The National Bank believes that open banking is essential for the development of new financial technologies, improving service quality, and ultimately aligning Ukraine’s payment industry with the standards of the Single Euro Payments Area (SEPA).

▶️ The European regulation requirements cover the interaction of financial institutions with third-party payment service providers, access to user accounts (ASPSP), as well as the existence of laws that regulate the provision of non-financial payment services and the processes for obtaining and revoking user consent. The regulation also outlines principles for the use and classification of APIs in Open Banking.

▶️ The National Bank of Ukraine (NBU) issued a document titled “Regulations on Open Banking”, which outlines Ukraine’s commitments to aligning with European standards. Specifically, the regulator plans to publish a reference API specification and launch compatibility testing.

▶️ Current participants in the local market must update their systems, test in sandbox environments, and submit compliance reports by August 1, 2025. From that date, payment service providers across Ukraine will have five months to make the necessary adjustments.

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