Bank DOM.RF and Compare launched a mortgage service based on Open APIs
By ForGeeks Bank DOM.RF together with the financial marketplace Compare, with the support of the FinTech Association, has introduced a new digital mortgage service. Now it is possible to make an application online through standardized Open APIs. The first remote application has already been submitted by a resident of the Nizhny Novgorod region for the purchase of an apartment in a new building.
New stage of digitalization of mortgage services
In October 2024 at the Finopolis forum, the partners signed an agreement to launch a pilot project. Nikolay Kozak, Deputy Chairman of the Management Board of DOM.RF Bank, noted that despite the voluntary nature of the Open API implementation, the bank is already actively testing the technology. All processes have been built taking into account the regulator’s requirements to information security.
How the new service works
Digital filing is now available to customers through the Compare platform. Data exchange between the marketplace and the bank takes place via secure Open API protocols developed by the Bank of Russia. Thus, customers receive mortgage decisions faster and without unnecessary bureaucratic procedures.
For now only application submission is realized via API. In the future, it is planned to transfer the other stages of the mortgage process to this technology.
Benefits for customers and banks
Alexei Kosyakov, Deputy Chairman of the Management Board of Bank DOM.RF, says that the integration of Open APIs has reduced the time of application processing from several hours to several minutes. At the same time, the bank has reduced employee labor costs and minimized operational risks. In addition, the use of open standards enables market players to launch new services faster. The result is improved service quality and greater efficiency across the industry.
The DOM.RF Bank and Sravni launched a mortgage service based on Open APIs was first published on ITZine.ru.
