Open banking will be accessible in the Republic of Moldova next year. This implies the initiation of payments and utilization of information about accounts outside the banking sector. If it goes to own finances, the person will be able to see the incurred costs and to use an application to see where money can be saved. Details about open banking were provided in a National Bank of Moldova’s podcast with the head of the Bank’s Fintech Division Vadim Jeleascov, IPN reports.
“If we speak about open banking, when data from other banks are open, it is possible to download an application, like credit scoring, and to this way easier get a loan as no papers will be required. When it goes to own finances, you can see the incurred costs and can use an application teaching how to save money. This is Fintech,” stated Vadim Jeleascov.
According to him, open banking is a very important project. “We abide by the European Union’s view designed two-three years ago. It is a possibility to obtain data from different banks or nonbank organizations. For example, each bank should create an API mechanism, which is a database that is open to other participants in the system. These other participants are on a list of operators with security certificates compiled by the NBM as not everyone has access to data,” explained the head of the Fintech Division.
He noted that if a person has an application in bank A and an application in banks B and C, they can add their bank in the data of banks B and C and will see all person’s accounts at all the banks.
Vadim Jeleascov also spoke about technical sendbox – a technical solution when any company from Moldova or from other countries can enter the Moldovan market and test the National Bank’s instant payment and open banking solutions. “This is a novelty as these companies will be able to see if these solutions are good or are not good. Or, for example, a student after completing the faculty, comes up with a new fintech idea and we offer this person instruments to test this idea. When this is tested and implemented, the person can really enter the market. We work to create possibilities for other companies so that these to do something useful for us,” noted the head of the Fintech Division.
