YEREVAN, May 12. /ARKA/. The implementation of the Open Banking model in Armenia is aimed at expanding consumer options in their dealings with financial institutions, Martin Galstyan, Chairman of the Central Bank of Armenia, told reporters on the sidelines of the “SME Sector: Impact and Development Challenges” conference.
According to him, the key idea of Open Banking is that the client owns their financial data.
“It is you who should decide who you grant access to your data,” Galstyan said, responding to a question from ARKA news agency.
He noted that work is currently underway on legislative mechanisms that will allow consumers to grant access to their data to other financial institutions and thereby receive more favorable products.
“In other words, we are strengthening the client’s negotiating position with financial institutions,” the Central Bank Governor explained.
Galstyan also reported that discussions are underway in Armenia regarding the localization of the EU PSD2 directive.
“The Central Bank is currently holding another discussion on this issue,” he noted.
PSD2 is the second EU Payment Services Directive (PSD2), which regulates the electronic payments and open banking market in Europe. It entered into force in the EU in 2018 and effectively created the foundation for Open Banking. The main idea of PSD2 is to give customers control over their financial data and increase competition between banks and fintech companies.
