Understanding Open Banking API Standards
Open Banking API standards define how banks and third-party providers exchange financial data securely. Different regions have developed their own standards based on local regulations and market needs.
Understanding these standards helps you choose the right integration approach and API provider for your target markets. For a broader overview, see our Open Banking API guide.
Quick Comparison: Major Standards
| Feature | UK Open Banking | Berlin Group | FDX (US) | CDR (AU) |
|---|---|---|---|---|
| Auth Method | OAuth 2.0 + OIDC | OAuth 2.0 | OAuth 2.0 | OAuth 2.0 + OIDC |
| SCA Approach | Redirect/Decoupled | Embedded/Redirect/Decoupled | Varies by FI | Redirect |
| API Style | REST/JSON | REST/JSON | REST/JSON | REST/JSON |
| Consent Duration | 90 days | 90 days | User-defined | 12 months |
| TPP Registry | FCA + OBIE Directory | National regulators | No central registry | CDR Register |
| Payments | PISP + VRP | PISP | Limited | Action initiation |
API Standards by Region
UK Open Banking
MatureRegion
United Kingdom
Maintainer
Open Banking Implementation Entity (OBIE)
Adoption
9 largest UK banks (CMA9)
Specifications
Key Features
- Most comprehensive specification globally
- Detailed consent and data models
- Strong SCA requirements
- Directory of registered TPPs
Berlin Group NextGenPSD2
MatureRegion
European Union
Maintainer
Berlin Group
Adoption
4,000+ EU banks
Specifications
Key Features
- Flexible implementation options
- Supports embedded and redirect SCA
- Multi-currency support
- Batch payment initiation
Financial Data Exchange (FDX)
GrowingRegion
United States, Canada
Maintainer
FDX (FS-ISAC subsidiary)
Adoption
62M+ consumer accounts
Specifications
Key Features
- REST/JSON-based specification
- Comprehensive data models
- Permission-based access
- Strong focus on security
Consumer Data Right (CDR)
MatureRegion
Australia
Maintainer
Data Standards Body (Treasury)
Adoption
All ADIs in Australia
Specifications
Key Features
- Economy-wide data portability
- Banking first, expanding to energy, telecom
- Detailed consent framework
- Accreditation requirements
Open Finance Brasil
MatureRegion
Brazil
Maintainer
Central Bank of Brazil
Adoption
All licensed financial institutions
Specifications
Key Features
- Extends beyond banking to insurance, investments
- Mandatory for all licensed institutions
- Real-time payment (PIX) integration
- Strong privacy requirements (LGPD)
STET PSD2 API
MatureRegion
France, Belgium
Maintainer
STET
Adoption
French banking consortium
Specifications
Key Features
- Used by major French banks
- SEPA payment integration
- Batch operations support
- Detailed error handling
Polish API
MatureRegion
Poland
Maintainer
Polish Bank Association (ZBP)
Adoption
Polish banking sector
Specifications
Key Features
- Based on Berlin Group with Polish adaptations
- National payment system integration
- Standardized across Polish banks
- Strong mobile banking support
Choosing the Right Standard
For developers: Unless you're building a bank or need to support multiple standards, use an API aggregator that abstracts these differences. Aggregators like Plaid, TrueLayer, and Tink handle the complexity of multiple standards, letting you focus on your application logic rather than protocol differences.
Related Resources
Frequently Asked Questions
In Europe, PSD2-compliant APIs following either UK Open Banking or Berlin Group specifications are most common. In the US, the Financial Data Exchange (FDX) standard is rapidly becoming dominant, with over 62 million consumer accounts connected. Australia uses the Consumer Data Right (CDR) technical standards. There's no single global standard, so most aggregators support multiple specifications.