Alexey Kazartsev, expert FBA EAC, on the introduction of secure domestic software for banks and payment systems

Nowadays, security of payment systems is a crucial topic because of the digital financial services development and increased transaction control. Alexey Kazartsev, Chairman of the International Banking Committee of the FBA EAC, in his scientific article "Security of Mobile Applications for Banks" (FBA EAC Herald, Issue No. 3(22) 2025) outlined the key principles that should accompany any process of integration and data exchange in the financial sector.

According to Kazartsev, today, there is an acute problem of insufficient implementation of domestic technologies in the information security sector. The expert notes that the use of foreign instruments imposes risks to the stability of the financial infrastructure, "The use of domestic cryptographic algorithms and information security tools should be a priority for Russian banks."

In addition, the expert points out the importance of standard harmonization within the international cooperation, "The elaboration of unified security standards for mobile applications for banks within the EAEU and BRICS cooperation will increase the security level of financial transactions." This approach can be extended to data exchange systems between regulators and payment systems.

Alexey Kazartsev also warns about the risks associated with the use of outdated software and insufficient security of mobile applications. Only if domestic software and cryptographic solutions that implement encryption algorithms are used, can this measure be truly effective and will not create new vulnerabilities in the financial system.