The Bank of Russia intends to regulate open APIs and implement the necessary measures to ensure the exchange of data using them, says the draft guidelines for digitalization of the financial market for the period 2022–2024. The document was published on the regulator’s website. Now the Central Bank has approved four standards for open APIs, but they are of a recommendatory nature, and the Fintech Association (established by the Bank of Russia) is conducting a pilot project on their use at its site.
Open APIs (application programming interfaces), or open programming interfaces, help banks interact with each other and with fintech service providers; they are a channel for secure data exchange between banks and fintechs. Open Banking Interfaces are free and open source APIs that provide developers with programmatic access to a licensed software application.
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