Russian fintechs to use Open Banking APIs

Monday 12 July 2021 14:16 CET | News

Promsvyazbank and Tochka, a fintech-focused service for SMEs, have begun using an Open Banking API implemented by the Bank of Russia and the Russian Fintech Association (RFA).

They have passed the tests at the Open API Certification Stand, which is being operated by the RFA – an entity that supports the development of Open Banking in Russia. The tests were performed to ensure that Promsvyazbank and Tochka were following the applicable Open API standards provided by regulatory authorities.

Participants use common and open API standards and follow common rules without having to commit to additional agreements with each other. The first use-сase for open APIs in Russia will be SME accounts data exchange between different banking platforms. When applying for a loan, companies or businesses will not have to provide the bank with paper account statements from other banking service providers. It will be enough to provide consent to the transfer of this information in digital form.

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Keywords: banks, central bank, Open Banking, API, fintech, SMEs, regulation
Categories: Banking & Fintech
Countries: Russian Federation
This article is part of category

Banking & Fintech

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