Open Banking is an ecosystem implemented to provide payment service users with more diverse and attractive offers. With Open Banking, users can manage their everyday financial decisions more effectively by using consolidated information about their cash flows and account balances from multiple financial institutions in a single application. At the same time, the implementation of Open Banking positively impacts the development of the financial sector as a whole by increasing competition among payment market participants, improving the quality of payment services, reducing costs, enhancing convenience, promoting financial inclusion, and fostering innovation. A key aspect is ensuring user trust in this new ecosystem, which is achieved through the introduction of rules and mechanisms agreed upon by the National Bank of Ukraine (NBU) and participants in the Open Banking system. From a technical perspective, Open Banking involves the secure exchange of financial data between banks and third-party providers (TPP — Third Party Providers) with the client’s consent, based on API technology.

API (Application Programming Interface) is a set of interfaces that allow third-party services to access banking data and initiate transactions (with the client’s consent) without compromising confidentiality or security.

TPP (Third Party Provider) is a third-party financial service provider that gains access to clients' accounts with their permission.

AISP (Account Information Service Provider) is a provider of account information access services.

PISP (Payment Initiation Service Provider) is a provider of payment initiation services.

Consent Management is a system for managing users’ consents for processing their banking data.

Strong Customer Authentication (SCA) is enhanced customer authentication in accordance with PSD2 standards.

PSD2 (Revised Payment Services Directive) is the updated EU directive on payment services that forms the basis of Open Banking.