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

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.