EN
The payment market of Ukraine is on the threshold of changes that seemed a distant prospect just a few years ago. Open banking, instant transfers and gradual integration with the European payment infrastructure have already ceased to be a theory - according to the Deputy Chairman of the NBU Oleksiy Shaban, key steps will take place in the coming months. We explain in simple words what is changing and what to expect.
What is open banking and why is it talked about
During 2025, the National Bank introduced full regulation of Open Banking, a model in which banks open access to their data and payment functions through secure interfaces (APIs). Three institutions were the first to receive authorization to provide non-financial payment services — FUIB, PrivatBank and Ukrsibbank.
This is just the beginning. "We believe that in August-September, almost the entire banking system will be ready to open its APIs," predicts Oleksiy Shaban. That is, already this fall, the market can move from pilot projects to mass implementation.
Is it safe to share bank details?
The main concern of customers is privacy. Access to information is possible in the open banking model only with the consent of the user himself. Companies that want to work with such data must be authorized by the NBU and enter the payment infrastructure register. Accounts cannot be accessed without these conditions.
Instant payments vs. cards: who wins
Instant transfers are a technology that allows money to reach the recipient in seconds, without the mediation of card networks. World experience shows its potential: according to ACI Worldwide estimates, in 2023 instant payments will add about $160 billion.
A good example is the Polish system BLIK, which accounts for approx 70% of operations in e-commerce by the number of transactions. "Instant payments can become a full-fledged competitor of card systems," the deputy head of the NBU emphasizes.
How ready are Ukrainian banks
For the system to work, all market participants must learn how to perform instant credit transfers. A strong argument in favor of technology is economics: the cost of an instant operation is significantly lowerthan a classic card payment. This is beneficial for both banks and businesses that pay commissions for acquiring.
What will be the financial market of Ukraine in five years
The NBU outlines an ambitious vision for the future. Among the expected changes:
- full digitalization of financial services;
- deeper integration with the European payment space and joining SEPA;
- an increase in the share of instant transfers in daily calculations;
- implementation of the concept Open Finance — the next step after open banking;
- implementation of EU standards, in particular DORA, MiCA and GDPR;
- wider use of artificial intelligence for risk assessment and fraud detection.
How regulation changes
Harmonization with European legislation is proceeding at a rapid pace. Over four years, the level of compliance of Ukrainian standards with European standards has increased from 50% to 78%. Ahead is the implementation of the third payment directive (PSD3), the PSR regulation, as well as the requirements MiCA, DORA and AI Act.
What does this mean for you?
For an ordinary client, the changes promise faster and cheaper transfers, new convenient services and greater control over one's own data. For businesses, lower fees and access to modern payment tools. If the NBU forecasts come true, by the end of 2026, Ukraine will take a noticeable step towards the European level of payment infrastructure.