Open banking - what will happen to the personal data of Ukrainians.

Starting from August 1, open banking will launch in Ukraine, allowing Ukrainians to access their cards and accounts directly through mobile applications. Currently, citizens can manage their accounts using separate mobile applications provided by each bank. However, open banking will allow managing all accounts through one application, making payments and checking balances.The launch of the new system will also open opportunities for developers to create their applications for account aggregation and provide users with a convenient tool for managing finances. Citizens are concerned about data privacy, but the deputy head of the National Bank reassured that customer information will be under the control of the financial institutions participating in the system. The transfer of data to government agencies is not foreseen, and financial institutions must have a license from the National Bank to obtain information. Users themselves decide whether to allow access to their data for integration with open banking. By refusing, they will still have the option to use separate applications for financial management.