The (now traditional!) end of the year push for new guidelines continues: On 19 November 2019, the Basel Committee on Banking Supervision released a cutting edge report on open banking and application programming interfaces (APIs). In the report, available on the BIS website, the international standard-setting body focuses on aspects of open banking related to customer-permissioned data sharing where the customer initially grants permission to a third party to access their data, either directly, or through the customer’s bank.
What of course will be interesting will be seeing how international rule making plays out in a world with Europe having acted with a regulatory regime (PSD2), but with other major financial centers still feeling out just what kind of regulatory strategy they want. You can find the report here.