Open Banking в Україні: потенціал розвитку та переваги для споживачів

The article is devoted to a comprehensive study of the implementation of the Open Banking system in Ukraine, its development potential and benefits for consumers of financial services. The paper examines in detail the concept of open banking as an innovative approach to the provision of financial services based on transparent and secure data exchange between banks and third parties via APIs. The authors analyse the legal framework for the implementation of Open Banking in Ukraine, in particular the Law of Ukraine ‘On Payment Services’ and the Open Banking Concept approved by the NBU in August 2023. Particular attention is paid to the roadmap for the implementation of the system, according to which open banking is expected to start operating in Ukraine in August 2025. The article examines in detail the main barriers and challenges to the implementation of the open banking concept. These include technical aspects (development and standardisation of APIs, modernisation of IT infrastructure), legal issues (protection of personal data, regulation of liability of the parties) and social factors (low level of financial literacy, insufficient coverage of the population with digital technologies). A significant part of the study is devoted to analysing the benefits of Open Banking for consumers. The authors highlight such key benefits as increased transparency and control over finances, access to personalised financial services, increased competition in the market, and the introduction of innovative services. At the same time, the authors examine potential risks for users, including cybersecurity, data privacy, and possible fraud. The paper emphasises that the successful implementation of Open Banking requires a systematic approach and coordination of efforts of all market participants. The authors emphasise the need to improve financial literacy of the population, develop digital infrastructure and ensure reliable protection of user data. The study proves that the introduction of Open Banking is an important step towards Ukraine’s integration into the global financial system and the development of a competitive environment in line with European standards. The implementation of this concept will help transform the financial sector, stimulate innovation and improve the quality of financial services for consumers.