VTB Bank representative Sergey Bezbogov highlighted the security challenges of open banking at the International Banking Forum. The technology, based on Open API, facilitates data exchange across banking, insurance, brokerage, and microfinance sectors.
Financial institutions are currently testing Open API solutions through the Association of FinTech. Bezbogov emphasized that the partnership model requires uniform security standards for all market participants, as vulnerabilities in one entity could compromise the entire ecosystem.
Key priorities include implementing end-to-end user verification and a unified mechanism for managing data processing consents. These measures aim to ensure consistent protection levels across multiple organizations where client data is stored.
The transition to open banking significantly increases IT infrastructure loads. According to VTB, systems must be upgraded to handle two to three times the current volume of concurrent requests to maintain service stability and data security.
