PrivatBank has launched Open Banking in the Privat24 mobile app and the web version of Privat24 for business for sole proprietors. With customers' consent, accounts held with other banks can now be linked to the app, allowing users to view account balances and transaction histories, top up payment cards and make transfers.
Open Banking enables the secure exchange of financial data between banks and financial service providers with customers' consent. PrivatBank customers can now use Privat24 to monitor their spending and account balances across different banks and initiate payments. In Privat24 for business, sole proprietors can monitor transaction histories across all their business accounts and conduct payment transactions.
Open Banking is becoming a new standard in Ukraine's banking sector and is already widely adopted internationally. In the European Union, Open Banking is regulated under the revised Payment Services Directive (PSD2).
Open Banking is still at an early stage of development in Ukraine. Additional functionality will be introduced gradually, depending on the pace at which banks and financial service providers integrate into the Open Banking ecosystem.
“PrivatBank is introducing a new level of convenience for millions of its customers. For individuals, this will transform the way they manage their finances, bringing accounts and personal finances together in a single Privat24 app, even if the accounts are held with different banks. For sole proprietors, it will simplify transaction monitoring and expense management in Privat24 for business,” said Dmytro Musiienko, Member of PrivatBank's Management Board (Chief Retail Banking Officer).
Customers can currently link accounts held with the following banks to Privat24:
- JSC "UNIVERSAL BANK" (including monobank accounts);
- JSC "FUIB";
- JSC "A-BANK";
- JSC "CB "GLOBUS".
In Privat24 for business, customers can currently link accounts held with JSC "UNIVERSAL BANK", including monobank accounts.
PrivatBank is actively working to expand the list of participating banks. In the future, customers will be able to link accounts held with any Ukrainian bank that supports Open Banking.
How to link an account from another bank in Privat24:
- Navigate to the “All” section at the top of the screen.
- Select “Open Banking”.
- Tap “Add Account”.
- Enter the details of the account you wish to link.
Customers may withdraw their consent to access accounts held with other banks at any time.
According to the Open Banking Tracker, 60 countries are actively implementing Open Banking. Data published by Platformable indicates that, as of the second quarter of 2024, 69 countries had adopted Open Banking regulations.
The European Union, the United Kingdom, Brazil, Australia and Japan are among the leading markets in Open Banking adoption. In the United Kingdom, 12–15% of households use Open Banking services.
