Open APIs (Fintech Association Service)

2021

Joining Finsludes and Сравни.ру

The pilot projects of the FinTech Association to create services using Open APIs will be attended by financial marketplaces - Financial Services of the Moscow Exchange and Сравни.ру. This was announced by the Fintech Association on December 27, 2021.

At the FinTech Association site, Open API standards are being developed together with key participants in the financial industry, pilot projects are being conducted to test them, and the infrastructure basis of the trusted Open Banking environment is being created.

Fintech companies participating in the piloting of Open APIs receive competitive advantages, such as the ability to exchange data with the largest players in the financial market, reducing costs when launching new products and services. With standardized APIs, new partnerships can be created without the extra cost of customization for each case. We are glad that fintech companies focused on increasing the availability of financial services for citizens joined our projects, "commented Tatyana Zharkova, General Director of the FinTech Association.

At the FinTech Association site there is a stand where participants are tested for compliance with Open API standards, as well as an information portal combining current information and international experience in the field of Open Banking. In the environment, technical checks are carried out not only by participants exhibiting APIs, but also by services using these APIs (fintech companies).

Start Bank Open API Test Service

On July 8, 2021, the Fintech Association, created under the auspices of the Central Bank for the development of financial technologies, announced the creation of a service for testing bank open APIs and software of fintech companies.

The new solution positions as a certification stand, which allows you to check whether the IT product meets the standards of the Central Bank of the Russian Federation. One of the main components of the open API certification stand was the Access Manager solution of eKassir. The system supports the Bank of Russia standard for the security of banking operations (STO BR FAPI. SEC-1.6-2020).

Association "Fintech" launched a service for testing bank open APIs

Fintech developers and financial institutions will be able to pass the procedure for checking software on the stand. Open APIs or open programming interfaces help banks interact with each other and fintech service providers, the association emphasized.

Having successfully passed testing at the stand, the fintech company or bank must contact the Certification Center to obtain cryptographic certificates for the industrial operation of the software.

Standardization of open banking APIs in Russia will solve the problems of security and compatibility of participants among themselves, which in turn will simplify their path to the market and protect the client, "said eKassir Director Dmitry Golovan.

The first to be certified were Tochka and Promsvyazbank. A number of financial organizations are at the stage of connection by July 8, 2021. To improve open API processes, pilot projects are being conducted at the Fintech Association site, which organizations can join by the end of 2021.

Earlier, the Central Bank approved the first advisory standards for open APIs: an information security standard, receiving information about a client's account by a third party, initiating the transfer of client funds by a third party.