Sergey Kondratenko: Regulation in Open Banking, Approaches of Different Countries

In recent years, the financial sector has been undergoing significant changes due to widespread digital transformation. The introduction of Internet banking, the development of financial technologies and other innovations open up unique opportunities to improve the quality of customer service. Among them is open banking. Sergey Kondratenko, an expert in the fintech industry, says that open banking is one of the most promising areas in the field of financial technology. But like any technology, it carries risks. Therefore, it requires appropriate regulation of activities.

Sergey Kondratenkois a recognized specialist in a wide range of e-commerce services with experience for many years. Now, Sergey is the owner and leader of a group of companies engaged not only in different segments of e-commerce, but also successfully operating in different jurisdictions, represented on all continents of the world. The main goal is to drive new traffic, create and deliver an online experience that will endear users to the brand, and turn visitors into customers while maximizing overall profitability of the online business.

European Union rules for open banking: features of implementation and application - Sergey Kondratenko

The beginning of the development of open banking was slow, since banks had to create the necessary API technology, that is, an interaction mechanism. There are currently over 500 open banking service providers in the UK and Europe and over 4 million users in the UK alone.

With the steady development of open banking, regulators began to set new deadlines for the implementation of this practice, notes Sergey Kondratenko. Europe took the lead at the end of 2022, and there is evidence that...