The Ukrainian Processing Center (UPC) has launched the country’s first Open Banking platform, which integrates banks and payment service providers (PSPs) into a single platform, thereby standardising services.
UPC’s new Open Banking platform has been designed with the aim to create a “unified technological environment” in which banks and PSPs can integrate their solutions to provide services for customers.
Interested parties will have access to a dedicated developer portal, developed by UPC, with documentation and testing capabilities.
UPC described the portal as “a key tool for integrating and testing solutions on the Open Banking platform”, and added that using the portal will allow members of the Open API Group to conduct both internal and integration testing.
The launch of the Open Banking platform follows the introduction of Open Banking-as-a-service for banks in Ukraine by UPC in June this year.
UPC has said it is “actively collaborating” with the National Bank of Ukraine and the banking community to create a unified API.
In a press statement, UPC said: “The launch of the first Open Banking platform in Ukraine is an important milestone in the development of the country’s financial system. It is not just a technological innovation, but a key step in transforming the entire industry.
“Thanks to this platform, Ukrainian banks will be able to offer clients more personalized and convenient financial products that meet their individual needs.
“Customers will have the ability to control their finances through a single interface, significantly simplifying account management and financial transactions.”
UPC’s Open Banking-as-a-Service offering launched in June is “a structured and secure data exchange” between PSPs and a technological payment service operator through open APIs.
It confirmed a pilot launch is planned for the second quarter of 2025, with an “industrial launch” to follow in August 2025, following the commencement of the Payment Services Act.
At the time, Anton Kostornichenko, UPC’s head of sales, said that the launch of Open Banking-as-a-Service “will enable our clients to obtain innovative payment technology and meet the requirements of the Act on time without incurring significant initial costs for implementing their own solution”.
