The Central Bank of Russia has published updated Open API standards as recommended guidelines, incorporating lessons from pilot testing of API-based services with real clients. The update is framed as an initial step toward an Open Finance model in which financial institutions can exchange client information based on customer consent. The standards were developed jointly with market participants and tested by the largest financial sector participants from 2024, including use cases such as personal financial assistants and corporate multibanking. With Open APIs and personal data consent, individuals and companies can view and manage products held with different credit institutions through the interface of a selected bank, while the standards package sets out general provisions, principles, implementation recommendations, and cybersecurity guidance. The standards remain voluntary, and the Central Bank of Russia is participating in the development of a legal framework to transition the market to mandatory use of the Open API standards.
Central Bank of Russia 2025-12-24
Central Bank of Russia updates Open API standards and keeps them advisory while working toward mandatory adoption
The Central Bank of Russia has released updated Open API standards as recommended guidelines, following pilot testing with major financial sector participants. These standards aim to facilitate an Open Finance model, allowing institutions to exchange client information based on consent. While currently voluntary, the Central Bank is working on a legal framework to make the use of Open API standards mandatory.