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API STANDARDS FOR DATA-SHARING (ACCOUNT AGGREGATOR)

Report by the Consultative Group on Innovation and the Digital Economy (CGIDE)
established at the BIS Representative Office for the Americas

BIS Other  | 
18 October 2022

PDF full text
 (1,827kb)
 |  48 pages

This report is the third part of a trilogy on enabling open finance through APIs
under the auspices of the BIS Consultative Group on Innovation and the Digital
Economy (CGIDE). A survey of CGIDE central bank members shows that there is a
common interest in implementing data-sharing with the aim of increasing
efficiency and promoting cooperation. The main challenges are coordination among
participants, standardisation and technological infrastructure.

The report presents three models for data sharing: centralised, decentralised
and trust – and develops the user interactions and their data flows.
Additionally, the report presents account aggregator functionality and possible
arrangements for implementation in the open finance ecosystem. Finally, it shows
the successful implementation of a demo based on a microservices architecture
that promotes high availability, scalability and resilience. Schemes for
data-sharing are largely determined by whether a rigid or flexible regulatory
framework is preferred. The greatest challenges in selecting an adequate model
are: establishing where the data will be stored, who the consumers are and which
communication interfaces to use. 

This report aims to serve as a useful general reference for central banks
seeking to develop their own data-sharing initiatives related to account
aggregation in the context of open finance.

Comments are welcome and should be addressed to CGIDEreport@bis.org.


RELATED INFORMATION

 * Enabling open finance through APIs: report on payment initiation (Sep 21)
 * Enabling open finance through APIs (Dec 20)


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