PrivatBank has launched open banking in Privat24 and in the web version of “Privat24 for Business”.
How open banking works in Privat24
Open banking (Open Banking) is a system for the secure exchange of financial data between banks and financial services with the user’s consent. Through it, clients can see information about accounts at different institutions and initiate payments from a single interface.
“With your consent, you can add accounts from other banks to the app: view their balances and transaction history, top up cards and make transfers,” the PrivatBank press service said.
Which banks’ accounts can be added
In “Privat24 for Business” accounts of JSC “Universal Bank” are currently available (including accounts of monobank).
PrivatBank is working on expanding the list. In time, clients will be able to add accounts from any Ukrainian bank that supports open banking technology.
Connection, withdrawal of consent and legal basis
Consent to access accounts at other banks can be withdrawn at any time. Users will choose which data to share with a third party and the duration of that consent themselves.
In 2025 the provisions of Chapter 4 of Section IV of the Law of Ukraine “On Payment Services” came into force, introducing the concept of open banking. Financial institutions will provide information about customers’ accounts only with the customers’ consent.
