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FinTech Association studied implementation of Open APIs in Russia
Experts analyzed international experience and problems of the Russian financial services market in terms of the potential of Open APIs application. They gathered the opinions of consumers and market participants about the demand for new services based on Open APIs and the complexity of their implementation.
The study reveals that the development of Open APIs in Russia will create conditions for the emergence of innovative services and business models, the involvement of new players in the financial market. It will expand opportunities for the development of partnerships and cooperation, reduce the costs and risks of integration, including those at the cross-sector level.
Open APIs can facilitate the development of a wide range of new solutions in a number of areas, for example:
• Exchange of customer information and profile (with customer’s consent) for new “single-window” financial management services (PFM services), personalization of offers and credit decisions;
• comparison and selection of financial products on aggregator platforms and marketplaces;
• “incorporation” of financial services and facilities into third-party platforms;
• Seamless payments and transactions with financial products through third-party platforms;
• Identification and customer insights “as a service” for financial institutions.
The study assessed the relevance of Open API application areas for consumers and market participants. In addition, evaluations of the complexity of implementation by financial market participants were taken into account. Based on this, a prioritization of the implementation of Open API standards was suggested.