Implementation of open API in the financial sector: prospects and challenges of the Russian banking system

The article is devoted to the analysis of the prospects and challenges of implementing Open APIs in the financial sector of Russia, with an emphasis on their impact on the development of the banking system and the digitalization of the economy. As shown in the study, Open APIs are used in many areas, including the financial sector, where their use is actively expanding. With the help of Open APIs, data consumers can quickly and conveniently obtain the necessary information from providers by simply forming requests in accordance with established specifications. In the financial industry, this technology plays a particularly important role: banks use it to provide third-party companies with access to their data, including client data, which contributes to the development of innovative solutions and improves the customer experience. Thanks to Open APIs, interaction between various market participants becomes more efficient, transparent and secure. The purpose of the study is to assess the benefits and risks of integrating Open APIs, as well as to analyze the approaches of the Bank of Russia to their regulation. Based on the studied foreign experience, systemic risks such as fragmentation of standards and market asymmetry have been identified. Within the framework of the conducted research, the practical component in terms of international experience and the specifics of the Russian market is comprehensively considered, including issues of data security, competition and technological readiness of participants. Special attention is paid to the hybrid implementation model, combining elements of open finance and open data. The article discusses in detail the specific steps for its implementation in the Russian Federation: the formation of a legal framework for the Platform of Commercial Consents, the development of security standards and the launch of pilot projects.