As payment technologies evolve, Open Banking is becoming a crucial tool in introducing new payment methods. According to forecasts, by 2027 the global volume of transactions through Open Banking will reach $330 billion. This technology is already transforming financial services and promises even more innovation in the future.

What is Open Banking?

Open Banking is a protocol that allows customers to securely exchange financial information via APIs with trusted third-party providers. This enables bank transfers for payments directly between accounts, without the need for payment cards or other intermediaries. The technology offers a faster, safer, and more cost-effective way to make payments.

Benefits for Businesses and Users:

• Lower payment processing costs: thanks to interbank transfers that avoid card-related fees.

• Simplicity and speed: Open Banking eliminates the need to manually enter payment details, reducing transaction time.

• No chargeback risks: minimizing financial risks for merchants.

• Fraud protection: through two-factor authentication and secure APIs used for data transmission.

In Ukraine, UPC has launched the first Open Banking platform, enabling integration between banks and third-party providers into a unified payment infrastructure. This gives businesses the ability to quickly adapt to new solutions on the market.