National Bank of Ukraine Simplifies Open Banking Rules

The National Bank of Ukraine, recognized for its forward-thinking strategies in regulating the financial sector, has unveiled significant updates to its open banking rules aimed at streamlining the payment initiation process for users. According to information released by the NBU's press service, these new regulations will take effect on April 3, 2026.

The amendments made to Section II, Clause 24 of Regulation No. 80 eliminate the requirement for payment service providers initiating payment transactions (PISP) to fill in the details regarding the 'name of the payment service provider of the recipient.' This change is designed to reduce the administrative burden on financial institutions and simplify the procedure for end users.

Under the new rules, this detail will instead be filled in by the account servicing payment service provider (ASPSP), ensuring that all necessary information is retained without complicating the payment initiation process for users. Consequently, the payer's payment instruction will include all mandatory details as defined in Clause 37 of Section II of the Instruction on Cashless Payments in the National Currency for Payment Service Users, approved by the NBU Board Resolution No. 163 dated July 29, 2022.

These changes are part of a broader strategy by the NBU aimed at modernizing Ukraine's financial system. Earlier, on July 28, 2025, the National Bank approved the Regulation on Open Banking in Ukraine, which came into force on August 1, 2025. This was a significant step towards integrating the Ukrainian financial market with European standards, which, in turn, opens new opportunities for innovation and the development of financial technologies.

It is important to note that open banking allows third parties, such as financial startups and technology companies, to access banking data with user consent. This can lead to the emergence of new financial products and services tailored to consumer needs. However, alongside the advantages, open banking also presents new challenges for financial institutions regarding security and data protection.

In light of these changes, the Ukrainian financial market is becoming increasingly dynamic and competitive. The updated open banking rules could serve as a crucial factor in attracting new players to the market, as well as in the development of existing banking institutions that are eager to adapt to the new conditions.

In conclusion, it is worth mentioning that the topic of open banking is actively discussed in Ukraine, and experts believe that adopting European practices could be the key to the successful development of the financial sector in the country. Given the ongoing changes in technology and consumer needs, the National Bank of Ukraine will continue to work on enhancing the regulatory framework to ensure the stability and competitiveness of the financial system.