Global Open Banking API Standards: Priority Or Pipe Dream?

Global standards for open banking are desirable but may not be achievable even at a regional level, at least in the short term, industry experts said on Wednesday.

Most banks around the world will connect with third-party payments and information providers through application programming interfaces (APIs), the specifications of which are being thrashed out by multiple working groups in Europe, Asia-Pacific and the United States.

As open banking frameworks emerge in Asia, joining the divergent American and European models, talk of a push for global standardisation has heated up.

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