Obtaining public information about banks: new standard for open APIs
The Bank of Russia has developed a standard for open banking interfaces (open APIs) ‘Obtaining public information about a credit institution and its products’. It contains requirements for the method of exchanging data on the location of banks’ ATMs and branches, working hours, exchange rates and other information, as well as the format for providing such information by banks.
The use of this standard will allow financial market participants — banks, fintech companies and others — to create new services that are convenient for customers, which may be especially handy for travellers. For example, it will be possible to quickly and easily find information about nearby ATMs or bank branches to exchange currency in a foreign city. Such services can also be implemented in mobile applications of financial assistants and in various lifestyle applications.
The document supplements the set of open API standards and is of a recommendatory nature. It was developed jointly with market participants on the Fintech Association site.