Open Banking is already at FUIB. What is this feature and how will it be useful for clients?
The new service will allow you to make payments and view information about your accounts in different banks through the FUIB application
The new service will allow you to make payments and view information about your accounts in different banks through the FUIB application
FUIB was the first Ukrainian financial institution to provide its clients with the opportunity to use open banking — this functionality is already available in the application.
For Ukraine, this is a new digital service, but in the world, open banking operates in many countries in Europe, Asia, the Middle East, and South America.
A new philosophy of finance: different banks — one application
Open banking allows customers to view their accounts across multiple banks, check balances, track transaction history, and initiate payments all within a single mobile app.
This is a game-changer in finance. Instead of constantly jumping between a bunch of banking apps, customers can now manage accounts from multiple institutions on a single screen.
«FUIB invests heavily in the development of modern technologies in the field of modern banking and is an ambassador for the introduction of everything new for its clients. Today we are proud to announce the birth of open banking in Ukraine with the support and initiative of the NBU,» notes Dmytro Polishchuk, Deputy Chairman of the Board of FUIB for Retail Business.
According to him, the financial institution was the first to be authorized by the regulator as a provider of open banking services, and today customers can add accounts at other banks to the FUIB application and manage all their finances in one interface.
«This is a completely different and new experience for Ukraine, which should significantly simplify the lives of our clients. Because we understand that every Ukrainian now has 2-3 active banks in their smartphone. And you don’t always remember where and what you spent, how much is left on which account, etc. Now FUIB clients will be able to see all this in one place. To try new banking, all you need to do is become a FUIB client,» said Dmytro Polishchuk.
What FUIB users will receive right from the start
By updating the FUIB application to the latest version, clients will be able to connect their accounts with PrivatBank and A-Bank (the list of partner banks will expand later). This will allow you to do the following directly from the FUIB interface:
- check the balance on accounts in other banks;
- view transaction history for the last 30 days;
- make payments and transfers from PrivatBank or A-Bank accounts.
To make this functionality possible, the FUIB team created its own Open API solutions and specially updated both the internal system (backend) and the visual part (frontend) of the mobile application.
Global benefits of open banking in Ukraine
The main philosophy of the technology is to collect all finances on one screen so that the user does not have to constantly switch between different banking applications.
For ordinary users, this will make it possible to manage their personal budget in the simplest and most understandable way possible in a single digital space.
For businesses, this will create a convenient tool for centralized account control, transaction monitoring, and company payment management.
Thus, open banking becomes a new stage in the development of Ukrainian fintech, and the client’s interaction with finances becomes faster, more technological, and more comfortable.
Security and control. Your data is yours alone
It is worth emphasizing that when using open banking, access to information remains completely transparent and controlled both by FUIB and the bank where the account is opened.
The client decides for himself:
- which accounts to connect;
- what information to allow to be seen in the FUIB application;
- for what period to grant permission (it can be canceled with one click at any time).
At the same time, all processes fully comply with the NBU’s security standards, and no action takes place without authorization and active consent from the client himself.
It should be remembered that connecting the service does not affect the established limits or security rules. Transaction verification, payment confirmation and transfer limits remain under the control of the bank servicing the account. Under this model, FUIB only initiates the transfer of the payment instruction on behalf of the user.
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