Solving challenges on Ukraine’s road to Open Banking

In August last year, the National Bank of Ukraine (NBU) approved the concept of Open Banking. Ukraine now has a strategy created alongside market participants plus a development roadmap: in short, everything that’s needed for the full-scale implementation of Open Banking. 

Customers need to trust Ukraine’s plans for Open Banking 

Ukraine’s upcoming Open Banking regulation will press banks and financial institutions to provide access to customer data via secure APIs. However, customer consent and compliance with data protection protocols are essential to the success of this regulation.

The new regulatory framework is designed to give customers greater control over their financial information, allow fintech companies and banks to innovate and collaborate, and enable the use of aggregated data to tailor services to individual customer needs.

For the NBU, security and trust form the foundation of Open Banking. Ukraine’s banks require robust compliance processes which assure customers their data is secure. Tietoevry Banking can help here, given our long experience in providing dynamic compliance solutions that can automatically adjust to changes in international standards and Ukraine -specific regulatory guidelines.

For Ukraine’s banks, this new environment which includes different sets of regulations can be a daunting prospect. By working with Tietoevry Banking’s dynamic compliance solution, banks gain access to an integrated framework which reduces the enormous administrative burden on compliance teams while minimizing the risk of penalties if banks are non-compliant, since banks can fix non-compliance much more rapidly using our solution than when operating alone.

At Tietoevry Banking, we understand banks need reference points to help them take advantage of Open Banking’s full potential. Here are some of the challenges banks typically face on their Open Banking journey, along with examples of how our fully integrated platform provides solutions.

Fast Customer onboarding

Traditional onboarding processes can be slow and susceptible to compliance risks. Our platform dramatically speeds up onboarding by automating the customer onboarding process, using secure API integrations and real-time data verification. This minimizes fraud risk and ensures ongoing compliance with regulatory standards.

Smooth integration of third party service providers

A huge attraction of Open Banking is the capacity to integrate different products and services from multiple third-party providers into your main customer banking platform. However, this can expose financial institutions to security vulnerabilities. To mitigate these risks, Tietoevry Banking’s integrated platform ensures protection against unauthorized access by securing information exchanges with advanced encryption, multi-factor authentication, and real-time monitoring. Knowing their information is protected helps customers feel confident in their bank and builds trust and loyalty, essential elements in today’s highly competitive banking landscape.

Securing successful and innovative fintech collaborations

Ukraine’s fintech ecosystem is growing fast. However, infrastructure restrictions may still make it hard to integrate bank systems with those of innovative fintech startups and third-party service providers. As a remedy, Tietoevry Banking’s solution fosters the development of customer-centric financial products by providing a secure and compliant open banking framework. This enables banks to collaborate successfully with fintech startups, securing safe data sharing and stimulating service innovation.

Click here to explore our demonstration environment where you can test your own APIs.