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Open Banking

New opportunities for managing your finances

What is Open Banking?

Open Banking is a secure technology that allows sharing account information and making payments through third-party financial service providers. Data exchange happens exclusively with your consent 

Who are the participants of Open Banking?

AISP (Account Information Service Provider)

A service provider that, with your permission, receives access to your banking account information to provide financial management services

ASPSP (Account Servicing Payment Service Provider)

A bank or another financial institution that stores your money and provides access to it through Open Banking

PISP (Payment Initiation Service Provider)

A service provider that, with your permission, initiates payments from your banking account


How can Open Banking affect your life?

By using Open Banking, you get more control over your finances. You decide who and for what purpose can access your banking information, which enables better financial management. Additionally, Open Banking allows service providers to offer you new financial products that may be more beneficial and convenient for you.


For example, you can use applications that help analyze expenses, find the best saving options, and optimize your financial flows.

Banks and financial companies can also offer you personalized solutions based on your financial behavior.


The future of banking is transparency, security, and efficiency!

Examples of Open Banking usage

Let's take a look at some examples of Open Banking usage:

Viewing bank accounts and balances in one place

As an individual, you can grant your bank or another financial company access to all your bank accounts and receive a personalised overview of your spending for the last 30 days across more than one bank. This allows you to get a more comprehensive view of your finances.

Simplified loan application process


Financial institutions can quickly assess the creditworthiness of clients based on their transactions.

Is it safe to use Open Banking?

All data is securely protected using modern encryption technologies. In addition, only licensed companies that comply with the requirements of the Law on Payment Services can access your financial information



We provide Open Banking services only after you give your consent. Remember: you can withdraw your consent at any time. Your personal data is protected in accordance with our Privacy Policy.

FAQ

No, you connect to Open Banking only after giving your consent in the MyRaif app. In the app, you can also view all the consents you have given to third-party providers of non-financial payment services (TPPs).

The bank only transmits the information that you have consented to in the MyRaif app. Possible information to be transmitted after your consent includes:

  • Transaction history for the last 30 days
  • Information about your accounts
  • Account balances

Data transmission is carried out through secure communication channels using advanced encryption technologies.

You need to initiate the data transfer from the web interface or app of another financial institution, after which you will need to provide consent for the data transfer through the MyRaif app.

No, the third-party financial institution does not have access to your registration details. They only have access to the information that you have consented to.

You can withdraw your consent at any time through the MyRaif app or the third-party service provider.

Contact the support team of Raiffeisen Bank or the third-party service provider (TPP) in any convenient way for you. You can also use our contact form.

A TPP is a third-party service provider that is authorised and verified by the National Bank of Ukraine and has access to customer bank data with their consent. TPPs can offer various financial services such as expense analytics, account aggregation, or payment initiation using bank APIs.

No, a TPP cannot send payments without your consent in the MyRaif app.

Detailed information on Raiffeisen Bank's integration for TPPs

For additional information on third-party provider (TPP) integration, visit our page