Jul 26, 2021: Open Banking in Russia!

Written by Rodolfo Passeri

We have a lot to share this week as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.)and a look at how Open Banking is making waves in Russia.

Open Banking Russia

Our Current Coverage

  • • We track 2,890 banks providing Open Banking services!

  • • 1,032 APIs currently tracked on our platform!

  • • 440 TPPs in the ecosystem!

  • • 89 Global markets covered!

  • • 35+ Open Banking API Aggregators!

  • • 145 Open Banking powered apps! (+2)

  • • PSD2 API & PSD2 Open Banking coverage!

  • • Track over 60+ data points for all Open Banking projects!

And we are growing on a continuous basis... 🚀🚀🚀

Developments (July 12th to July 26th):

We initiated coverage and provided Open Banking API information for:

  • Neonomics - Looking to enable a new movement of payments and date by connecting thousands of banks through one API

  • Fintable - Looking to create the world's first and only Airtable Finance platform

  • • Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀

  • • And many more!

We continue to cover over 35 aggregators!

__Open Banking Use Case Spotlight: Open Banking in Russia

Russia has finally jumped on board the Open Banking trend of the world by approving the first Russian FinTech to operate in the country. Tochka, a fintech service for small businesses (the business partnered with Promsvyazbank). The tests made sure that they were in compliance wiht Open API standards published by the regulator. Opening APIs and using standards are voluntary currently for Russian banks.

Participants use common API standards and join common rules without the need to sign additional agreements among each other.

The first use сase for open APIs in Russia will be SME accounts data exchange between banks. Thereby when applying for a loan, companies will not need to provide the bank with paper account statements from other banks; it is enough to give consent to the transfer of this information in a digital form.

The Bank of Russia approved the first recommendatory standards for Open Banking in October 2020. They include API standards for account information, payment initiation as well as information security standards. The Russian FinTech Association carries out pilot projects with local banks and fintechs in order to test the standards in real business cases.

“Open API is a global trend. The Certification Stand and the Open API Portal were developed by the RFA together with market players and the regulator. They are fundamental components of Open Banking in Russia", – says Tatiana Zharkova, СEO of the Russian FinTech Association.

The takeaway:

The Open Banking revolution has made its way all the way to Russia, and ripe to cause disruption to the incumbent super player, Sberbank. It will be interesting to see whether OB will take hold, as Sberbank, which banks c. 2/3rds of the population are already creating an Alibaba-esque superapp, which diminishes the need of such technology as users are already extremely captive within one ecosystem.


Please feel free to email us back with any coverage or data requests to implement or improve our current data set! We are a customer centric provider and want to make sure our users are as satisfied as can be!

We also highly recommend you to follow our Twitter @BankingTracker for tracker updates, @BanqNetwork for FinTech news, and @Banq_ai for business updates!

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Have a great week and stay safe!

The Banq team

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