This English executive brief introduces the complete Russian-language research article. The full study separates historical source evidence from original analysis and labels hypothetical calculations. It is available through the link below.
Read the complete study in Russian ↗The following is Human Fintech’s analysis
Start with the customer outcome.
An aggregator, a bank and a merchant can participate in the same data exchange while receiving very different benefits. Evaluate the specific decision that becomes better: a cash-flow assessment, a completed payment or a reduction in manual reconciliation. Count unsuccessful connections, repeated consent and support work alongside successful requests. A price per API call does not capture the cost of delivering a reliable service to a customer.
Test the economics before expanding.
Compare a defined customer cohort with a credible baseline. Separate customers who would have completed the journey anyway from those helped by the new service. Track consent, connection quality, usable data, decisions and realised value as distinct stages. The Russian study discusses portability, supplier dependency and failure scenarios, and includes a hypothetical commercial model. Its international sources provide context; their findings do not establish the profitability or legal suitability of a particular implementation.
Sources for the full study.
[1] Eroglu H., Cornelli G., Frost J., Rühmann F., Shreeti V. Opening doors to open finance: evidence from the international experience. BIS Papers № 168, март 2026. Определения, международные наблюдения и ограничения причинных выводов.
[2] CGAP, BIS, IMF, UNSGSA, World Bank. Key Considerations for Open Finance. Ноябрь 2024. Рамка проектирования открытых финансов; дальнейший продуктовый анализ в статье является самостоятельным.
[3] Open Banking Limited. Impact Report 7. Май 2025. Для приведённого платёжного показателя период наблюдения — март 2025 года.
[4] Банк России. Банк России обновил комплекс стандартов Открытых API. 24 декабря 2025 года. Историческое описание пилотов и статуса стандартов на дату сообщения.
White Fintech.
Part V of White Fintech connects products, platforms and data; part III covers decisions and risk management. The book places these topics within the wider lending business.
Complete English edition, PDF + EPUB. Read the first 30 pages free, with no sign-up.