Standard for security of financial transactions to be introduced
The Bank of Russia jointly with market participants has developed a standard to improve the mechanism of data security in the course of financial transactions.
The requirements for financial APIs (application programming interfaces for interaction between financial institutions) established in the document will enhance the security of confidential information of financial institutions and their clients.
In particular, application providers will be able, if they have an up-to-date identifier of the end user (the client of the payment service provider), to use certain mechanisms to increase the reliability of client authentication through alternative channels.
The standard is of a recommendation nature. It can be used by third-party service providers that need information about the client’s bank account to conduct transactions, participants in the transfer of funds, as well as information and software developers and information systems designers.