Development of the Open Banking system in Russia

Abstract

Purpose: the article deals with the defining the directions of development of Open Banking system in Russia and possibilities of its introduction into the activities of Russian financial and credit organizations. Discussion: а new direction of digital banking (Open Banking) actively develop in the present context, due to this fact financial institutions, including financial companies and service companies, can develop innovative technologies and services. The study identified factors contributing to the development of Open Banking in Russia, as well as the main areas of application and instruments of Open Banking. Results: study of these directions in conjunction with observations concerning the implementation of projects by banks participating in the Open API system in the market of digital banking concerning Russia, allowed authors to formulate possible ways for development of Open Banking in Russia and its future competitiveness on the world financial market.