Twenty-five Ukrainian banking institutions (oover 40% of the country’s active banks) have adopted the Ukrainian Processing Center (UPC) solution to implement Open Banking technology, which involves creating specialized interfaces (APIs). UPC has achieved this milestone thanks to its own innovative solution for banks in the OBaaS (Open Banking as a Service) format.

This technology enables the secure exchange of financial data between institutions, facilitating the emergence of more personalized and convenient services. In essence, Open Banking can be compared to banking roaming. While keeping funds in an account at one bank, a client can use the mobile app of another bank or a company licensed as a TPP (third-party provider). This significantly expands the range of available services and enhances the convenience of financial management. Open Banking is increasingly transforming Ukraine’s financial sector, opening up new opportunities for clients, banks, and fintech companies.

“According to our estimates, about a quarter of Ukrainian banks currently use in-house solutions or, in the case of international banks, solutions provided by their global banking groups to implement Open Banking. The remainder of the market is served by several providers that deliver technical support and infrastructure for these services. Among them, UPC holds a strong leading position with a market share exceeding 40%. The reasons for this success include an efficient Open Banking architectural model delivered as a SaaS service, competitive financial terms, UPC’s professional expertise in delivering reliable banking solutions, and our many years of experience in providing secure banking services. This proprietary innovative development scales rapidly and also helps minimize banks’ costs in meeting regulatory requirements in this area,” commented Ihor Horin, Head of Strategic Development at UPC.

In addition, to simplify interactions between banks and improve service quality, UPC has launched Ukraine’s unified hub—OneLinkUA—to aggregate all Open Banking APIs of Ukrainian banks. This important step is part of a large-scale project aimed at creating a single, convenient, and open platform for all professional market participants. The fact that 25  Ukrainian banks are already connected through UPC’s Open Banking solution demonstrates  that the OneLinkUA platform is operational and will enable the rapid deployment of modern open banking payment solutions in Ukraine’s financial market.