Open banking is proving revolutionary across Europe

The global payment landscape has changed beyond recognition in the past decade, largely driven by consumer preference for digital payments, plus regulations and initiatives that drive change – such as open banking legislation. After initial resistance from some European markets, there are now millions of businesses and consumers using open banking to pay for goods and services, choosing to share financial information with trusted third parties to access personalised financial products that can help them spend, save and budget better.   

Looking at the statistics, the future for open banking is bright. Forrester predicts that usage of open banking services will double between 2022 and 2027 [1]. This optimism is shared by Capgemini in a report which estimates there will be 5.3 billion e-commerce users globally by 2027 [2]. Healthy competition and innovation is evident as banks and payment service providers open their Application Programme Interfaces (APIs). However, the pace of growth will vary by country, depending on how well open banking is tailored to their specific market considerations. 

Ukraine shapes its open platform strategy 

In August 2024, Ukraine joined the movement to open banking with the Ukrainian Processing Centre (UPC) launching the country’s first open banking platform based on the Tietoevry Banking solution.  

This is positive news for the development of Ukraine’s financial system and potentially transformational for the economy.  Below, I offer some observations regarding the development of open banking in Ukraine based on Tietoevry Banking’s extensive international, regional and country-specific implementations.  

Compliance is essential for banks to open APIs securely in Ukraine.  NBU has developed Open Banking requirements and banks needs to comply with these in quite challenging timelines. The deployment of our open banking compliance solution is possible in a matter of three months so we are ready to support banks on they compliancy journey.

Aggregation of customer data is an exciting opportunity for financial services industry, and most clearly illustrated in travel with its many platforms offering personalized experiences and special promotions. The Tietoevry platform aggregates and analyzes data in real time, empowering banks to offer tailored financial products and advice; improve customer engagement with personalized experiences, and leverage insights for proactive decision-making options. 

Global yet local – diverse approaches to Open Banking have emerged across nations, ranging from stringent regulations in the UK and the European Union to more market-driven models in places like the United States and Singapore. At Tietoevry Banking, we pride ourselves on our international expertise as well as our deep knowledge of specific markets. As a member of the Berlin Group, we believe that laying a solid foundation—based on understanding market needs and capabilities—is fundamental to success. Ukraine is developing a coherent Open Banking strategy; now it needs to establish a robust regulatory framework to support interoperability, security, and innovation. Through our proven collaborative relationships with stakeholders and experts, we are uniquely positioned to provide solutions for Open Banking compliance and to develop premium API use cases. 

Premium APIs and the future – in the longer term, more can be done to deliver the full benefits of open banking. The development of premium APIs will offer new products and services beyond those available under current regulatory frameworks. For these to be offered at scale there needs to be a sustainable, safe, commercial model for agreeing prices that offer fair value, are transparent and promote competition. It will also be important to take into consideration consumers and corporate protections, including defenses against the effects of cyber and financial crime. Here again, Tietoevry Banking is well positioned to assist banks with our rigorous open banking compliance solution. 

Read more about the API economy and its opportunities for Ukraine here, or contact Irina in directly should you have any questions 

[1] .“European open banking forecast, 2022 to 2027”, Forrester 
[2]. “2025 World Payments Report”, Capgemini