Open application programming interfaces (Open APIs) will allow companies to exchange information about their customers with their consent more promptly and offer them beneficial personalized services. Additionally, individuals will be able to manage their data effectively. The main principles and stages of Open API implementation are published on the Bank of Russia website.
“Open APIs will provide people with new types of services. Market participants will obtain safe and equal access to information,” noted Stanislav Korop, Acting Director of the Bank of Russia’s Financial Technology Department.
Open APIs will be implemented gradually. Major banks, brokers, and insurance companies will be obliged to use them from 2026. In 2027, this obligation will apply to microfinance organizations, depositories, operators of information systems used for issuing digital financial assets, and financial platforms. These market participants will need to meet criteria established by the Bank of Russia. Later on, this practice will extend to other financial and then non-financial organizations.
For individuals and businesses to manage their consents safely, the Bank of Russia, together with the Ministry of Digital Development, Communications and Mass Media of the Russian Federation, plans to launch the Commercial Consent Management Platform.
“The phased approach provides sufficient time for companies to adjust and for consumers to get used to the new opportunities. According to our plans, along with the implementation of the Open Finance model and the Commercial Consent Management Platform, we will be discussing the Open Data model with ministries, agencies, and market participants concerned,” Stanislav Korop added.
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