The Ukrainian Processing Center (UPC) has announced the onboarding of the 20th client to its cloud-based Open Banking platform, designed, among other things, to enable financial institutions to open accounts with open access (Open Banking API). As a result, one-third of the financial market participants in Ukraine authorized to open accounts have chosen UPC’s solution for connecting to Open Banking.

UPC’s Open Banking platform development strategy was formulated several years ago and is based on the following key principles: scaling existing technological components to increase efficiency, a cloud-only architecture, a SaaS service delivery model, and collaboration with an experienced solutions provider from the European Union.

During the concept development phase, UPC also held consultations with colleagues from Central and Eastern European markets to validate the chosen approach and minimize risks as it builds a model focused on long-term sustainability.

Adherence to these principles enabled the platform to ensure scalability, reliability, and readiness for future market requirements. As a result, UPC’s Open Banking platform continues to show strong growth, with the 20th confirmed client serving as further evidence of this.

As of today, the 20 clients of UPC’s Open Banking platform include19 banks and 1 fintech company. Eight out of the 20 financial institutions are new clients for UPC. The platform now includes one state-owned bank, 12 banks with Ukrainian capital, and 6 international banks.

“UPC continues to work on expanding the functional capabilities of the Open Banking platform. Among the upcoming development areas are API call aggregation, development of business-oriented APIs, implementation of new payment services, and enabling international integrations. These steps aim to create a full-fledged Open Banking ecosystem in Ukraine and to enhance the accessibility and convenience of these solutions for financial institutions and end users,” commented UPC CEO Anton Romanchuk.