Page 50 - FintechAtlas2019

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Ukraine
National Bank in Kiev, Ukraine. Sergii Shatskyi, Strategy and Development Department of the National Bank of Ukraine
A highly competitive payment market
Why has Open Banking still not become established in the Ukraine and what is the outlook for its introduction amongst financial market players?
This question will be answered in the interview with Sergii Shatskyi, Project and Programme Manager in the Strategy and Development Department of the National Bank of Ukraine (NBU).
What are your predictions regarding Ukraine’s readiness for the implementation of Open Banking?
Shatskyi: Certain market participants, particularly banks, propose to join the discussion about API standardisation. This interest is evidence of market readiness.
The NBU is currently working on implementing the provisions of the European PSD2, which involves the opening of APIs, in Ukraine. We expect this to be possible in 2022. This year we are creating a working group that will include the country’s banking sector leaders and flagship IT and payment companies. Its task will be to examine the Open Banking implementation plan and address the requirements of the new standard.
Is there demand for Open Banking standards from banks and fintechs?
Shatskyi: Yes. I have already mentioned the interest of large Ukrainian banks and companies that service the payment market. I should also add that some financial market participants already offer Open Banking-based solutions.
What impeded the implementation of Open Banking standards in Ukraine at the same time as in EU countries? Shatskyi: As Ukraine is not an EU member this process is different here. Of course we should be integrated into the EU’s legislative framework in line with international agreements. But at the same time, we must also take into account the specific features of the domestic market.
I should also point out that the Ukrainian payment market
is highly competitive and developed. Given that classical banking in Ukraine is rather innovative and accessible to end consumers, the issues that the EU is seeking to solve are not so urgent here.
However, Ukraine still needs additional drivers of financial inclusion and further price reductions and simplifications in the use of payment instruments. This is why the country must also take further steps in this direction.
Which of the advantages of Open Banking will be most valuable to Ukraine?
Shatskyi: I would mention the following:
1. The opportunity to access accounts from mobile devices,
combined with solutions for consolidating the information in these accounts, which are kept in different financial institutions, in a single application.
2. An alternative to P2P (peer-to-peer) card transfers in the form of А2А (account-to-account) transfers, which can be much cheaper.
3. The development of new services and capabilities for the end users of financial services, which will improve the user experience.