Open Bank System Open Banking Platform

Effects

• Improve IT cost efficiency
• Time-to-Market acronym
• Business Expansion Opportunities by Building a Business Partner Ecosystem
• Adaptability of innovation in the IT landscape
• Personalize the offer and increase customer loyalty

Principles of construction

• Business application flexibility and core stability
• Customer Centricity
• Fast connectivity of new services
• High-speed computing
• Horizontal Scalability
• High reliability

Chronicle

2025

The Central Bank of the Russian Federation recognized the weak interest of banks in open APIs, and the government called them unsafe

In December 2025, the Bank of Russia announced that credit institutions were not interested in testing the automated Open Banking Interfaces (API) system for information exchange. The corresponding position is set out in the table of comments to the draft amendments to Directive No. 6579-U of October 16, 2023.

At the same time, according to the regulator, he plans to consider the initiative to include the Open API system in the list of sources to confirm the income of citizens. This proposal was made by the association "Russia." According to representatives of the association, such a step will reduce the asymmetry of information, that is, the gap in data on real incomes of citizens.

𝓲

Фото: Freepik

In parallel, the situation with another project related to data transfer is developing. According to Frank Media, Ministry of Digital Development will stop the experiment to connect banks to the "Digital Profile of a Citizen" through the API from February 2, 2026. The ministry considers this channel unsafe and proposes to use an interdepartmental electronic interaction system (SMEV) as an alternative.

The National Council of the Financial Market (NSFR) expressed concern about this decision in a letter to the chief of staff of the government and the Bank of Russia. The head of the NSFR, Andrei Emelin, indicated that when using the API, banks receive a response to the request online, while processing the request through the CMEV can take several hours.

According to a Frank Media source, one of the reasons for abandoning the API may be the difficulty of counting the number of requests through this channel, unlike CMEV, where accounting is easier. The Ministry of Digital Development said that they are discussing the transition with market participants, believing that the use of SMEV will increase transparency, manufacturability, scalability, as well as the security and reliability of information transmission.^[1][2]

Central Bank postponed the mandatory introduction of open APIs

Central Bank Russia postponed the mandatory implementation of open software interfaces for financial market participants. Data exchange technology through Open API will become mandatory later than 2026. This was reported Frank Media by the publication on October 20, 2025.

New deadlines will be established after the adoption of the relevant federal law. Work on legislative amendments continues. Testing of the technology is also pending.

𝓲

Фото: Freepik

The Open API is a technology for exchanging data between information systems of companies according to uniform standards. Open APIs will allow you to create "one window" services for clients of financial institutions. The user will be able to see data on their accounts in different banks in the same application.

The technology should be introduced by all participants in the financial market after the requirements of the regulator come into force. So far, the largest banks are conducting pilot integrations over open software interfaces.

Bank Sber"" launched test integrations with,, and T-bank Gazprombank. Sovcombank T-Bank conducts pilot projects with, and VTB" Alfa-Bank Sberbank." VTB and Alfa-Bank are testing data exchange with each other.

Roman Prokhorov, head of the board of the Financial Innovations Association, noted the peculiarity of the current situation. Large credit organizations are not particularly interested in opening their interfaces to all interested market participants. They do so selectively, partnering with individual organizations.

Anastasia Kayuchkina, Director for the Development of Open Data and Ecosystems of the FinTech Association, announced the scale of testing. At the AFL site, uniform Open API standards are checked by 20 organizations. They include banks, insurance companies and medical organizations.

Representatives of the Central Bank confirmed the readiness of large banks for technological changes. As a result of pilot projects, the largest credit organizations turned out to be the most prepared for the implementation of open software interfaces.^[3]

2024

The volume of the global open banking technology market for the year reached $29.72 billion

In 2024, costs in the global open banking technology market amounted to $29.72 billion. Almost a third of this amount fell on the European region. Such data are contained in a Fortune Business Insights study, the results of which are published at the end of August 2025.

Open banking involves the exchange of data between financial institutions, banks and third-party service providers through standardized software interfaces (APIs). This approach contributes to improved competition and innovation in the banking industry. The open banking model provides advantages to all market participants. In particular, banks are able to quickly launch new services developed by third-party companies, as well as increase the flow of customers. Fintech companies can create advanced applications and services that use information on customer accounts and their transactions from banks. Customers themselves can use convenient financial instruments.

One of the main drivers of the analytics market is called artificial intelligence. Neural networks are capable of processing huge amounts of financial information with high efficiency. This enables predictive analytics and also helps identify suspicious activity. AI allows you to improve interaction with customers and improve the effectiveness of risk management. In addition, AI expands the possibilities of personalized service: by analyzing the history of transactions and requests of a specific client, neural networks can offer the most suitable products and services.

Technological advances, including the development of Internet access infrastructure and increased penetration, have a positive impact on the industry. smartphones This promotes the introduction of services such as mobile banking and digital payments. It is estimated that from 2014 to 2021, the proportion of adult citizens making digital payments in low and middle-income countries doubled, increasing from 26% to 51%.

Questions have been cited as a key deterrent. cyber security Open banking provides for the exchange of confidential financial information with third-party service providers, which increases the risks associated with data breaches and unauthorized access. Many consumers remain hesitant to consent to the transfer of their financial information, especially in regions where there is a lack of strict legislation on the protection of personal data.

According to the deployment method, the market is segmented into local, cloud and hybrid sectors. Cloud solutions dominated in 2024, with such systems providing scalability and flexibility, enabling financial institutions to rapidly deploy, update, and expand services without the large initial investments and long implementation times that characterize traditional on-premises infrastructure. In terms of use, banks and financial institutions, individuals, fintech companies, e-commerce enterprises, accounting platforms, as well as credit companies are distinguished. The largest share was provided by banks and financial institutions - 32%. From a geographical point of view, in 2024, Europe was in the lead with 32.3%, or $9.59 billion. Globally, significant players are named:

• Plaid;
• TrueLayer;
• Tink AB;
• Token;
• Yapily;
• Salt Edge;
• Finastra;
• MX Technologies;
• Volt;
• Worldline;
• Finicity;
• Bud;
• Brite Payments.

Fortune Business Insights analysts believe that in the future, the CAGR in the market under consideration will be 20.3%. As a result, by 2032, spending may increase to $128.89 billion.^[4]

Central Bank of the Russian Federation issued safety standards for open APIs

The Bank of Russia approved new security standards for open program interfaces (APIs) developed by experts of the FinTech Association and InfoTeCS JSC with an orientation towards domestic cryptography. This became known in mid-December 2024.

The standards will come into force on January 1, 2025. The new versions retain continuity with previous editions, but have been finalized in terms of cryptographic information protection.

𝓲

Фото: Freepik

Alexander Tovstolip, head of the information security department of the FinTech Association, said that the standards of the first version were focused on the use of foreign cryptography, and the new ones were evolutionarily modified taking into account the adopted methodological recommendations and use domestic sovereign cryptography for protection.

The documents received the designations STO BR FAPI.SYeK-1.6-2024 and STO BR FAPI.PAOK-1.0-2024. They describe the security requirements for financial services based on the OpenID Connect protocol and authentication procedures over a separate channel.

The phased implementation of the mandatory use of open APIs will begin in 2026. The standards will be advisory in nature unless required by Bank of Russia regulations.

According to the consulting company "Yakov & Partners" for 2023, open APIs carry the risks of disclosing personal data of customers and fraud by service providers. However, the developers from BSS argue that if the requirements of the new standards are met, additional threats do not arise.

Kirill Kuzmin, Deputy General Director of the FinTech Association, notes that the new editions guarantee maximum protection and resistance to current cyber threats, making information security part of the solution architecture.

It is planned to create a special operator of the open API environment, which will control the compliance of the interaction of participants with information security requirements.

The Central Bank of the Russian Federation told how banks in Russia will develop open APIs

The Central Bank of Russia (CBR) in early September 2024 announced plans to introduce open APIs in key sectors of the country's financial market. According to information provided by the regulator, the use of open APIs will become mandatory for the largest banks, brokers and insurance companies from 2026. Microfinance organizations, depositories, digital financial asset operators and financial platforms will be required to follow these requirements from 2027.

The Central Bank plans to develop and implement open API standards in those areas where their application will bring the greatest advantages for customers and financial organizations. Already in 2024 and 2025, the development of draft standards will begin, which will cover such data as information on accounts and cards of individuals and legal entities, mortgage lending and insurance contracts, as well as investment products and medical services of clients.

𝓲

Фото: Freepik

Open APIs (APIs) are a technology that enables communication between companies' information systems through standard communication protocols. The introduction of these standards is aimed at creating a more transparent and user-friendly financial ecosystem. In addition, in 2024, the Central Bank of the Russian Federation intends to launch a pilot project of a commercial consent platform - a single window for managing consents within the framework of information exchange through open APIs.

The concept of introducing open APIs was first presented by the Central Bank in the fall of 2022. According to the regulator, by September 2024, about 70 countries had implemented or are at the stage of adopting regulation for the use of open APIs in the banking sector. More than 40 countries are considering using this technology in other sectors of the financial market. It is expected that by the end of 2024 the number of users of services based on open APIs in the world will exceed 130 million, which is five times more than in 2020.^[5]

Russian banks will combine data on customer accounts in their applications

In early June 2024, it became known that Russian banks intend to combine customer account data in their applications. We are talking about the creation of a system that will give users the ability to manage finances in various banks according to the "single window" principle.

According to RBC, the project is being implemented as part of the introduction of open program interface (API) technology. Financial institutions intend to exchange information about customer accounts. Thus, the relevant information will be displayed in the mobile applications of partners. This is expected to improve user convenience: to view information about funds in different banks and manage them, you do not have to switch between different applications.

𝓲

Фото: Unsplash

As of the beginning of June 2024, VTB intends to establish data exchange in cooperation with Alfa Bank and Sberbank in partnership with Tinkoff. In addition, Gazprombank has the appropriate plans. As the initiative develops, clients of financial institutions will be able to manage their money and products open in different banks and insurance companies in one window. At the same time, more profitable offers will be available. In addition, users will be able to save time on requesting and transferring certificates and statements about the status of their accounts and contracts from one financial institution to another.

In the case of the Sberbank and Tinkoff project, the parties intend to obtain the consent of customers to transfer data. After that, account information will begin to be displayed in the applications of two banks. In the future, it is planned to implement the functions of analyzing receipts and expenses on cards and on all customer finances. In turn, Damir Battulin, Senior Vice President of Alfa-Bank, notes that the new approach will help significantly improve the digital customer experience for retail and corporate clients, as well as lead to the emergence of additional services.^[6]

2023: How open banking APIs are developing in Russia

At the end of December 2023, the Fintech Association and the B1 company published a study on the development of open APIs in the Russian banking system.

According to experts, barriers to the widespread introduction of open APIs in the Russian Federation are problems in the formation of optimal charging, the degree of responsibility for data leakage and issues of violation of API agreements.

Experts called the creation of convenient services for users a key incentive for the introduction of open APIs

Experts called the creation of convenient services for users a key incentive for the introduction of open APIs. Taking into account the fact that in the Russian Federation the main sources of fintech initiatives are large banks, Open APIs will stimulate the emergence of even more products for customers, analysts say. The implementation of the API ensures the implementation of the principle of "humanocentric" and at the same time promotes competition, they say.

A convenient client path allows you to ensure the involvement of the population in the use of services based on Open APIs, accordingly, it is advisable to consider the possibility of organizing equidistant consent management services for providing data (the principle of a "single window"), the study said.

Its authors conclude that by the end of 2023, there is no universal solution for the implementation of open APIs in the world. The key indicator can be considered the level of penetration of standards into the daily life of citizens of the country, this indicator in the world does not exceed 19%.

According to the researchers, the exchange of data in the "large to large" format is a logical initial stage in the implementation of open APIs, which is necessary for the development of new demanded services, increasing the information security of data and trust on the part of users, as well as to exclude regulatory arbitration.

OPEN ECOSYSTEMS AND OPEN API GLOBAL TRENDS. DEVELOPMENT PROSPECTS IN RUSSIA.

Notes