Open Banking Compliance in Ukraine

Challenge:

Traditional onboarding processes are slow and susceptible to compliance risks.

Solution:

Accelerated customer onboarding by automating the customer onboarding process through secure API integrations and real-time data verification, minimizing fraud risk and ensuring ongoing compliance with regulatory standards.

Challenge:

Delivering services that match the individual needs of customers can be challenging without holistic customer data.

Solution:

Leverages real-time data aggregation to enable tailored financial products and personalized customer experiences, significantly enhancing engagement and driving proactive decision-making.

Challenge:

Integrating multiple third-party services can expose financial institutions to security vulnerabilities.

Solution:

Protection against unauthorized access by ensuring secure data exchanges through advanced encryption, multi-factor authentication, and real-time monitoring, thereby enhancing security, building customer trust, and ensuring regulatory compliance.

Challenge:

The Ukrainian fintech ecosystem is rapidly growing, yet traditional banks may struggle to securely integrate with innovative fintech startups and third-party services due to infrastructure restrictions.

Solution

Foster the development of customer-centric financial products by providing a secure and compliant open banking framework for banks to collaborate with fintech startups, enabling safe data sharing that stimulates innovation in service offerings.

Challenge:

Ukrainian banks must align with both international best practices, such as the Berlin Group, and local regulations dictated by the National Bank of Ukraine, resulting in complex compliance requirements.

Solution

The solution simplifies localized regulatory compliance for Ukrainian banks by providing automatic updates on local and international regulatory changes and guidelines, reducing the administrative burden on compliance teams and minimizing the risk of penalties due to non-compliance.

Challenge:

Ukraine's significant diaspora community spread across Europe relies on cross-border remittances to support families and boost the local economy. However, traditional remittance channels often have high fees, slow transaction times, and lack transparency.

Solution

Enable faster and cheaper diaspora remittances by integrating Open Banking APIs, allowing financial institutions to partner with fintech’s and remittance services for secure cross-border transfers into Ukrainian bank accounts. This solution fosters transparency in fees and compliance, building trust and providing immediate access to funds that support economic resilience.

• Instantly integrate new guidelines and standards as they evolve. 

• Intuitive interfaces for rapid onboarding and easy management. 

• A flexible API-driven design that grows with your business. 

• Detailed analytics and reporting tools for real-time insights and compliance audits. 

• Cutting-edge security measures that protect sensitive financial data and maintain customer trust.

• Identify gaps in your compliance and operational processes

• Contact Tietoevry and ask for a tailored demonstration of our Open Banking Compliance solution

• Collaborate with our experts to design and execute a seamless integration that aligns with your business objectives