Open Banking API Standards: What are the Options? How Do I Choose?

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18 December 2017
Patricia Hines

The financial services industry has long embraced standards as a way to simplify data exchange and integration between banks, clients, central banks, securities firms, and other market infrastructures. But some would argue (I certainly do) that there are too many standards, and as new standards are introduced, the old ones are never retired. For example, the European Central Bank mandated the use of the ISO 20022 XML standard for SEPA payments, but elsewhere in the world, the ISO 20022 standard is being used alongside decades-old domestic payments formats and information reporting standards.

With only a few weeks left before PSD2 comes into force in Europe, let’s take a look at how standards are evolving for Open Banking APIs, the preferred integration method used by banks to give third-party providers access to customer information and to initiate payments.

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Insight details

Content Type
Report Type
Industry Trends, Technology trends
Asia-Pacific, EMEA, LATAM, North America