Open APIs in Russian market: Bank of Russia’s concept
The implementation of open application programming interfaces (APIs) in the financial market will promote innovative services, further develop competition and significantly improve the accessibility and quality of financial products for households and businesses. The Bank of Russia’s stance on this issue is presented in the regulator’s concept.
The document formulates approaches to the implementation of open APIs in the Russian market, as well as to the introduction of uniform standards for a number of key operations in this area. On the one hand, this will reduce companies’ costs, while on the other hand, will create new opportunities for consumers to manage their financial products and services.
Open APIs will enable companies to exchange customer data and thereby offer more customer-oriented products and services. It is important that the exchange of such data will be subject to customer consent and confidentiality requirements.
The concept provides for a phased implementation of open API standards, depending on the maturity of financial market segments. In general, APIs will be recommended rather than required until 2024. It is assumed that in the future, their application in a number of operations will become mandatory for major organisations with subsequent expansion to other financial market participants.
The Bank of Russia welcomes your feedback on this document before 9 December 2022.