National Bank Of Kyrgyzstan, IFC Discuss Open Banking Development

10/30/2024 7:15:49 PM

(MENAFN- Trend News Agency) BISHKEK, Kyrgyzstan, October 30. The International Finance Corporation (IFC) and the National bank of Kyrgyzstan held a roundtable dedicated to open banking (API) trends, Trend reports.

According to the National Bank of Kyrgyzstan, the event brought together representatives from commercial banks, payment system operators, payment organizations, and other stakeholders.

Mels Attokurov, Deputy Chairman of the National Bank, emphasized that the rapid development of digital technologies is transforming the banking and financial sectors. He noted that open banking is one of the most significant steps in this evolution.

Attokurov stated that implementing open APIs and standardizing interactions between banks and payment organizations will enhance service quality, increase access to financial services, and create new products for customers.

During the discussions, participants explored international best practices for implementing open APIs, the potential for integrating various financial services, innovations, and security concerns related to the exchange of financial data.

At the conclusion of the roundtable, attendees agreed on the need to standardize interactions between banks, payment system operators, and payment organizations for exchanging financial data while adhering to information security regulations. They also recognized the importance of establishing requirements for data aggregators.

Open banking, which involves using open APIs in the financial sector, allows third-party developers to create services and apps for financial institutions. This enhances transparency for account holders, enables data sharing with customer consent, and facilitates personalized offers.

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