A significant event has occurred in the Ukrainian financial market that could radically change the habits of millions of smartphone users. PUMB (First Ukrainian International Bank) has become the first bank in the country to receive official permission from the National Bank of Ukraine to launch an open banking service (Open Banking). This means that the era of needing to download dozens of apps to manage finances is coming to an end.
A single window for all finances
The essence of the innovation is simple and clear: PUMB clients can now consolidate their accounts from different banking institutions into a single interface. There is no longer a need to switch between apps to check the balance on a salary card at one bank or pay utility bills through an account at another.
The new feature allows users to view balances in real-time, track the full transaction history, and initiate payments without leaving the PUMB mobile app. This solution is aimed at those who, for one reason or another, use the services of several financial organizations simultaneously.
First steps and technical details
The launch of the service became possible thanks to PUMB passing the regulatory authorization of the NBU. Dmytro Polyshchuk, Deputy Chairman of the PUMB Board for Retail Business, emphasized the historical significance of the moment:
"Today we are proud to announce the birth of open banking in Ukraine with the support and initiative of the NBU. PUMB clients can add accounts from other banks to the PUMB app, manage all their finances in one interface, and even make transfers and view transaction history."
At the initial stage of integration, the service allows connecting accounts from PrivatBank and A-Bank. To activate the function, users need to update the bank's mobile app to the latest version.
Security and data control
The issue of protecting personal data remains a priority. PUMB has assured that the system operates in strict accordance with the requirements of the National Bank of Ukraine. An important aspect is the preservation of the client's sovereignty over their data: at any time, a user can revoke permission to access their accounts in third-party banks.
It is worth noting that the launch of open banking does not change existing banking limits and transaction rules. All security checks, restrictions, and transaction confirmations remain with the bank that directly services the client's account.
Future plans
Although the service is initially targeted at individuals, PUMB has already announced plans to expand functionality. In the future, open banking is planned to be extended to corporate clients. For businesses, this will become a powerful optimization tool: managing accounts and financial operations in different banks through a single interface will reduce time spent on routine tasks and increase the transparency of the company's cash flows.