Ukrainian Open Banking: How Cashless Payments Will Change from August 2025 and What It Really Means
Starting August 1, 2025, Ukraine officially launches a new era in digital finance the implementation of open banking. This is not just a technological upgrade, but a structural change with the potential to fundamentally transform how people make payments, access money, and manage their personal finances. What exactly will change, how will the new rules work, and who will be ready let’s look at the facts.
What is Open Banking and Why Does It Matter?
Open banking is a system in which banks and other financial services providers are required to grant access to customers’ accounts via secure application programming interfaces (APIs). In practice, this means you can quickly and safely transfer financial data or initiate payments between different banks but only with your explicit consent.
This approach gives users:
- A single point of access: you can see all your accounts and transactions from different banks in one app.
- Greater control over money: easier budgeting, automated financial actions, and access to better offers.
- New financial services: increased competition paves the way for cheaper, more flexible products, including those from fintech companies.
The Legal Basis: Laws and Regulations
The key framework is the Law of Ukraine “On Payment Services” (No. 1591-IX), passed in 2021, with the majority of its provisions going into effect on August 1, 2025. From this date, banks must open their APIs to external participants (fintech companies and other banks) according to the standards set by the National Bank of Ukraine (NBU).
The law covers:
- procedures for account and data access,
- personal data protection,
- rights and responsibilities of financial service providers,
- risk insurance,
- oversight and liability for violations.
The foundation is based on the EU’s PSD2 model: the same principles of openness, competition, and consumer protection.
How the New Mechanism Works: An Example with Bank Cards
The classic problem: you try to pay by card in a store, but there’s not enough money in your account and the transaction is declined.
How it will work: if you have multiple accounts at different banks, the system (with your consent) can automatically transfer the needed sum from another card or deposit. You set these rules in your banking app or a dedicated fintech service.
Scenario:
- The client gives permission (online, via their bank) for automatic “top-ups” from other accounts within set limits.
- If there’s not enough money on the primary card at checkout, the system automatically pulls the necessary amount from another account or deposit.
- The operation happens instantly, without the payment terminal declining the transaction.
Important: no operation takes place without clear user consent and within the settings you specify.
What Is Already Known About the Launch and Bank Readiness
According to the NBU, August 1, 2025, is the official start date for open banking for all major market players.
- The NBU has approved procedures for opening APIs, information security requirements, and the certification process for providers.
- The first fintech companies are already testing new services (AISP, PISP account analytics, payment initiation).
- Banks are updating their mobile apps to prepare for API integration.
However, widespread rollout of services will be gradual. Throughout August and September, major banks and fintechs will implement and test services, with full launch in some banks expected by autumn.
Examples of Services and New Opportunities
- Automatic Card Top-Ups:
You set a limit (e.g., 300 UAH). When the balance on your main card drops below this amount, the system automatically “pulls” money from another bank account. - Unified Financial Analytics:
All your accounts and transactions from different banks are displayed in one app. You can see spending patterns, plan your budget, and receive financial advice. - Instant Transfers Between Your Accounts:
Move money within seconds between accounts at different banks, without fees or manual steps. - Personalized Offers:
Fintech services can suggest better loans or deposits based on your actual financial behavior (but only if you grant them access to your data).
Expert Opinions
Oleksandr Bevz, Director of the Payment Systems Department, NBU:
“Open banking is essentially a new standard of competition in the financial market. It motivates banks and fintech companies to develop more convenient and advantageous services for people.”
Valeria Lohvyn, fintech expert:
“Thanks to open banking, Ukraine can access the best financial innovations already working in the EU. For consumers, this means easier, cheaper, and safer management of their money.”
Are There Any Risks?
All operations only take place with the client’s direct consent. Data is protected by law and additional NBU requirements.
However, technical glitches are possible in the first months after launch, and not all banks will support all functions immediately.
Experts recommend carefully checking access settings, updating apps, and reading official instructions.
Starting August 1, 2025, Ukrainians will be able to manage their finances according to European standards monitoring all accounts, paying with a single card without worrying about the balance, and accessing new services.
This is an important step in digitalization and will lay the groundwork for even broader fintech opportunities in the coming years.
For now, most changes are in the launch phase, but by September it will become clear how these services work in practice. Those who want to benefit from the new options should follow news from their bank, update apps, and carefully configure account access settings.
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