With the aim to leverage the NextGenPSD2 API Framework technology and infrastructure investments, openFinance allows banks, Third Party Providers (TPPs) and other Access Clients to offer enhanced services, products and information that will benefit market participants and will further improve customer experiences. Berlin Group openFinance adds standardised extensions beyond the regulatory PSD2 scope that enable bank customers (consumer or corporate account owners), directly or via TPPs and other Access Clients, to access bank accounts for commercial premium services and enriched data.
By expanding the access of customers’ financial data to broader data sources and additional account types, enhanced views on customers’ finances are offered which will empower bank customers to actively choose the best value products and services they need. openFinance will improve the basic credit transfer with additional functionalities (e.g. flexible execution and document handling) and enables the creation of many other new payment and credit services. The openFinance services will attune to the ambitions of the European Commission’s Retail Payments Strategy and to any relevant future scheme definition.
Please have a look at the General Introduction Brochure with further details on Berlin Group openFinance.
Please have a look at the Workplan 2023 for the future planned openFinance services.