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Report on open banking and application programming interfaces (APIs)

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Summary of document history   Previous version Previousconsultation This version Subsequentconsultation Subsequentversion This version BCBS  |  Other  |  19 November 2019 PDF full text (762kb)  |  19 pages Topics: Supervisory cooperation, Governance, Operational risk The Report on open banking and application programming interfaces (APIs) monitors the evolving trend of open banking observed in Basel Committee member jurisdictions and discusses the implications of these developments on banks and banking supervision. It builds upon the findings of the

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This version

BCBS  | 
Other
 | 
19 November 2019
PDF full text
 (762kb)
 |  19 pages

The Report on open banking and application programming interfaces (APIs) monitors the evolving trend of open banking observed in Basel Committee member jurisdictions and discusses the implications of these developments on banks and banking supervision. It builds upon the findings of the Committee's Sound Practices paper on "Implications of fintech developments for banks and bank supervisors".

Open banking, or the sharing and leveraging of customer-permissioned data from banks with third party developers and firms to build applications and services to provide more efficient and transparent options in banking, comes with benefits but also various challenges to banks, such as risks to their business models and reputation, issues regarding data, cyber security and third party risk management. In response to this trend, banks and bank supervisors would need to pay greater attention to these challenges that accompany: (i) the increased sharing of customer-permissioned data; and (ii) the growing connectivity of various entities involved in the provision of financial services.

International Settlement
The Bank for International Settlements (BIS) is an international company limited by shares owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

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