OpenAPI has formed a Special Interest Group (SIG) for the purpose of identifying the API use cases and behaviors to empower Open Finance solutions in the near future.
Open Finance is the evolution of Open Banking, a relatively new innovation in the field of financial technology. This has been largely spurred by laws and regulations centered around customer data and transactions respectively in the UK and EU in 2016 and 2018-19. Other markets the world over are also beginning to develop solutions based on Open Finance… or at least have started following the developments closely.
With all this in mind, the OpenAPI Initiative (OAI) has created an SIG to support the adoption of APIs and help grow the digital infrastructure for this next evolution of banking and finance. The initial focus will be on serving financial organizations and their customers within the EU and European Economic Area as they rapidly develop solutions to comply with Payment Services Directive 2. As solutions are developed for Europe, they will become immediately applicable to other markets.
The initial steps will be to form a forum of experts in the world of development and finance to discuss the issues surrounding open finance implementation as well as the API behaviors necessary to facilitate Open Finance solutions. Additionally, the primary use cases of Open Finance technology will be discussed, which may include banks, credit unions, insurance companies, credit bureaus, real estate groups, financial planners, and/or others.
Participation in this SIG will be open to any member of the OAI. To sign up for the OAI, visit here.
For updates and more information about getting involved, click here.