openFinance API Framework

Leveraging the NextGenPSD2 API Framework technology and infrastructure investments, openFinance allows banks and TPPs 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 a Third Party Provider (TPP), to access bank accounts for commercial premium services and 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 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.

LATEST NEWS (30 November 2020): Publication of openFinance Workplan 2021

About the openFinance Taskforce

Participants & Structure


The above participants of the openFinance Taskforce represent the market supply-side (i.e. banks, payment/banking associations, payment schemes and interbank processors operating in SEPA), as providers of the openFinance APIs. The openFinance Taskforce is supported by the API Experts Working Group, a Business Evaluation Working Group and a Market Communications Working Group.
As the potential future users of the openFinance APIs, the NextGenPSD2 Advisory Group & Board is currently considering to start operating as an openFinance Advisory Group & Board as well. More information on this follows soon.




Background & Context


PSD2 XS2A set the regulatory benchmark for consent-driven data access and enabling third parties to trigger a payment. One of the main intentions of PSD2 was to foster innovation and competition in the European banking market. While a first step has been made, more is needed to truly achieve this objective.
PSD2 ensures access to datasets on a bank customers’ payment account. Further, the defined roles for payment initiation and account information allow to provide basic payment services. Compared to other payment means, these will not allow to unleash the full innovation potential. This is why openFinance was established: the openFinance services will cover broader data sources and additional account types than what is required from a PSD2 regulatory perspective.




Deliverables & Technical Specifications


The first draft deliverables and technical specifications are currently being discussed. As soon as they are in final status they will be published here.





About the openFinance Framework

Supported Services


Account Information extensions:

  • Basic AIS Service (PSD2)
  • Account Entry Push Notifications
  • Extended Consent Management (GDPR)
  • Additional Account Types: e.g. Savings, Loans, Securities
Payment extensions:
  • Basic Payments (PSD2)
  • Reservation of Funds
  • Deferred Payments
  • Request to Pay
  • Pay by Loan (integrated Consumer Loans)
  • SEPA Direct Debit eMandates
  • Integrated ID Data service
Trade extensions:
  • Loan business
  • Securities business (list of stocks, certificates, …)
API Management:
  • Discovery API (Bank Parameter)
  • Client Parameter API
Administration and Registration services:
  • Pricelist API
  • Digital Contract API




Key Characteristics


The openFinance API Framework offers a modern, open, harmonised and interoperable set of Application Programming Interfaces (APIs) as the safest and most efficient way to provide data securely, enabling European banking customers to benefit from innovative products and services (‘Banking as a Service’) by granting TPPs safe and secure (authenticated and authorised) access to their bank accounts and financial data.

  • Modern “RESTful” API set using HTTP/1.1 with TLS 1.2 (or higher) as transport protocol
  • TPP identification by ETSI-defined eIDAS certificates: QWACS mandated (easy measure to protect e.g. against DDOS attacks), QSEALS optional for banks (TPP follows instruction by bank)
  • Building on all NextGenPSD2 AIS, PIS and CoF use cases
  • Third Party Provider access beyond PSD2
  • GDPR compliant consent model beyond PSD2
  • Support of Direct Access for PSUs / Corporates
  • eCommerce support
  • Discovery service to obtain the specific implementation details
  • Multilevel SCA/Corporate Banking support





How to participate?

Participants & Structure


The above participants of the openFinance Taskforce represent the market supply-side (i.e. banks, payment/banking associations, payment schemes and interbank processors operating in SEPA), as providers of the openFinance APIs. The openFinance Taskforce is supported by the API Experts Working Group, a Business Evaluation Working Group and a Market Communications Working Group.
As the potential future users of the openFinance APIs, the NextGenPSD2 Advisory Group & Board is currently considering to start operating as an openFinance Advisory Group & Board as well. More information on this follows soon.




Background & Context


PSD2 XS2A set the regulatory benchmark for consent-driven data access and enabling third parties to trigger a payment. One of the main intentions of PSD2 was to foster innovation and competition in the European banking market. While a first step has been made, more is needed to truly achieve this objective.
PSD2 ensures access to datasets on a bank customers’ payment account. Further, the defined roles for payment initiation and account information allow to provide basic payment services. Compared to other payment means, these will not allow to unleash the full innovation potential. This is why openFinance was established: the openFinance services will cover broader data sources and additional account types than what is required from a PSD2 regulatory perspective.




Deliverables & Technical Specifications


The first draft deliverables and technical specifications are currently being discussed. As soon as they are in final status they will be published here.





More information

Schedule of Events





Public Articles


All public articles are made available in PDF or PPSX format. Upon request, files can be made available in MS Office formats as well.




Archive


Archived files are no longer published and can only be made available upon request

  • 20201013 - openFinance Taskforce Participants list.pdf





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