The Central Bank will allow banks to exchange displaced clients with open software interfaces, representatives of the Central Bank in a conversation with “Izvestia” told. Credit organizations will be allowed to transfer to each other information about loans, accounts, income, transaction activity and other information with the consent of consumers. According to the Central Bank, such an opportunity will increase competition in the market and financial accessibility, and will also help the development of a “digital economy”, including new services for citizens and companies.
The initiative was supported in the Federal Antimonopoly Service (FAS) and the Association of Banks of Russia. Now large companies are monopolists of clients data, but access to them is also worth providing small and medium players, noted in the FAS. The possession of such information will allow the rest of the banks in analytics and evaluating borrowers, as well as in the development of new products, and lines the competitive environment. The service has made the development of this mechanism into an action plan for 2022-2025.
Vice-President of the Association of Banks of Russia Anatoly Kozolachkov said that banks recognize the need to share each other displaced data. At the same time, credit organizations propose to start the transfer of information not only between banks, but also between banks and retail, as it will speed up the transition to the digital economy, added kratschkov.
Banks support the idea, as they need information on the transactional activity of customers to more accurately calculate the credit rating and reduce the risks of losses. Also, the head of the department of analytical research “Higher School of Finance Management” Mikhail Kogan points to the possible risks of information security in the implementation of such a system – for fraudsters, the victim data may become an additional pressure tool.
In addition, the Central Bank prepares another innovation – the bank intends to start control of all transfer of funds between the individuals, asking information on them from banks, including personal data. Monitoring will begin from January next year. Having these data, the Central Bank will be able to more effectively fight with illegal online casinos, crypto exchangers and business that accept payment for personal cards, said representatives of the bank.