Centralized system for P2P transfers to be launched by Central Bank

By September 1, 2026, an “open banking” system ensuring secure data exchange between banks, payment organizations, and financial technology market participants will be implemented. This was stated in the Presidential decree “On Measures to Further Develop the Financial Technology Sector,” signed yesterday, November 27.

Open banking is a system that allows banks and other financial service providers to securely share a client’s financial information with third-party applications or services, but only with the client’s consent and in full compliance with strict security requirements.

The decree also tasks the Central Bank with introducing several new financial instruments.

Specifically, the decree outlines the following measures:

• Developing the capability for P2P transfers between individuals within the Central Bank’s payment system and providing it to payment service providers in the form of an Open API;
• Creating measures to give citizens the right to choose the bank or e-wallet provider where they receive their salary;
• Introducing a universal QR code project on a pilot basis in cooperation with banks and payment organizations, among other initiatives.