Distributed Ledger Technology and Open API: Bank of Russia Consultation Papers

The prospective use of distributed ledger technology and Open API in the financial markets, as well as related issues that need to be solved to ensure successful implementation, were proposed for discussion in the context of the Bank of Russia consultation papers ‘Developing the Use of Distributed Ledger Technology’ and ‘Developing the Use of Open OPI in the financial markets’.

The Bank of Russia, in cooperation with the FinTech Association, is actively involved in the research, development and implementation of digital technologies in the financial market, including distributed ledger and Open API technologies.

The implementation of distributed ledgers requires the analysis, creation and development of appropriate platforms, as well as carrying out pilot projects, designing standards and single approaches to the application of technology in order to fulfil its potential in the financial market.

The development of Open API is necessary in order to provide financial market participants and FinTech companies seamless access to information on credit institutions (public information, data on customer accounts). The goal is to promote competition through the introduction of accessible and convenient financial services and products for customers.

The discussion is expected to produce optimal and balanced approaches and suggestions regarding the development and implementation of digital technologies in the financial market.

The Bank of Russia welcomes any feedback, including responses to the questions in the consultation papers, as well as proposals, before or on 1 March 2018 at: fintech@cbr.ru.