Open Finance Working Group
Background and mission
In 2013, the EBA launched the Electronic Alternative Payments Working Group (e-APWG), which focused on electronic alternative payments innovations in the consumer and retail e-commerce space.
Subsequent analysis shifted to delivering a framework for improving interaction between payments services operating in different service layers. The result was a conceptual framework called Digital Customer Services Interface (DCSI), which bridges the gap between electronic alternative payments methods offered in the services layer and the traditional payment systems operating in the infrastructure layer.
From there, the working group’s focus moved to the strategic implications of using Open Application Programming Interfaces (APIs) in the open banking context. In 2016, the working group was renamed Open Banking Working Group to better reflect its research focus. The working group has published several papers dealing with various aspects of open banking, zooming in to data opportunities in particular.
Publications
June 2023: "Open Banking for Corporates: Unlocking real added value in transaction banking with APIs"
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May 2022: "Open Banking for SMEs – Enhancing financial services for the backbone of Europe’s economy"
June 2021: "Ready or not? Gearing the bank operating model towards digital and Open Banking readiness"
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July 2020: "Digital trust and the banking sector: towards a trust advantage in the digital economy"
June 2019: "Artificial Intelligence in the era of Open Banking"
On B2B data sharing
On Open Application Programming Interfaces (APIs)
- Data Exploration Opportunities in Corporate Banking
- Open Banking: advancing customer-centricity
- Webinar series on understanding the business relevance of Open APIs and Open Banking: Presentation slides
- Understanding the business relevance of Open APIs and Open Banking for banks
On the Digital Customer Service Interface (DCSI)
- Explaining the Digital Customer Services Interface
- Exploring the Digital Customer Services Interface
On electronic alternative payments
- Next Generation Alternative Retail Payments: Infrastructure Requirements
- Next Generation Alternative Retail Payments: User Requirements
- Digital Identity: “From check-out to check-in”
Articles
Referring to insight from the Open Banking Working Group, Thomas Egner, Secretary General of the EBA and Markus Rupprecht, CEO of Traxpay, discuss how banks can leverage the power of information.