Bank of Russia to implement open APIs forcibly and quickly
Last week, the Bank of Russia disclosed their vision of open APIs development in the banking sector at a hushed meeting with bankers held at the Fintech Association. According to the regulator, the key prerequisites for the migration to open APIs in the banking sector include technology development, a new generation of customers with new expectations, as well as cornering the market to a far greater extent.
The Bank of Russia identified three types of open APIs: commercial, infrastructural (FPS, Marketplace, UBS, Digital Profile, Masterchain) and regulatory (reporting, APIs for federal executive bodies).
The meeting participants have informed that making reference to the UK and Australia, the regulator plans to introduce open APIs in invitum without delay. According to the roadmap, which is supposed to be agreed upon within a month, the concept will be elaborated in 3Q this year, with the launch of pilot projects scheduled for the first quarter of 2020.
The law on open APIs should be ready in Q1 2021. As noted by the Bank of Russia, the standardized open APIs will deliver convenience, ensure optimization of technological costs related to the participants’ data interchange, and help increase speed-to-market.