Hello! Hallo! ¡Hola! and 你好 This blog post is about enabling a software stack for multiple language support. We’ll be using an example from The Open Bank Project, the open-source API platform for banks and fintechs that enables them to publish open banking and related application programming interfaces, or “APIs” for short. TESOBE first shared its ideas for the “Open Bank Project” at an EU IT conference in Berlin back in February 2010. Since then, OBP’s ever-evolving open-source code has been used by banks, fintechs and regulators around the world, for open banking hackathons, production and c ..read more

Originally published: April 2022 Update: February 2024   APIs are becoming commonplace in the financial sphere and are integral for digital innovation. However, developing, publishing and then maintaining APIs in a way that benefits your institution can be complicated. Only a plan that considers the technology, business and operational aspects can lead to success.  Moreover, while it’s all well and good for banks to expose an API for compliance, more is needed to get a return on your technological investment. While many still consider APIs to be primarily an exercise in Open Banking ..read more

Originally published: 11 October 2020 Updated:  November 2023 With over 100 countries either implementing or planning an Open Banking framework, the movement is encouraging data-sharing in the global financial services industry. Regulating Open Banking, April 2023 Open Banking promises a wide range of benefits, from financial inclusion to financial education in the community. It drives competition, reduces costs and paves the way for rapid financial innovation, which is why various official bodies across the globe have chosen to implement this framework. But establishing framework ..read more

According to an Inter-American Development Bank report, the financial sector in LAC is in a phase of disruption and change due to low confidence in the use of financial services, a perception of high associated costs, relatively low financial inclusion and a lack of regulation that contrasts with more developed economies such as the UK, the EU, China and the US ..read more

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Towards the end of 2022, the Central Bank of Jordan launched the Open Finance initiative, aimed at enhancing financial services and customer experience within the country. This initiative aligns with Jordan’s vision for economic modernisation, fostering an environment that is conducive to innovation. By implementing Open Finance, Jordan is positioning itself as a regional hub for Fintech, while also progressing towards a digital cashless society. The introduction of Open Finance in Jordan is a pivotal step towards empowering fintechs and third-party providers (TPPs) to deliver cutting-edge fi ..read more

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Open Finance refers to a framework under which individuals and businesses can securely and efficiently share their financial data with third-party providers (TPPs), through the use of APIs. This is an evolution of Open Banking, a model where banks open up their customer data (with the customer’s consent) to third parties. Open Finance extends this principle beyond banking data to other financial products, such as savings, pensions, and insurance. Open Finance, to be effectively implemented, requires a robust and clear regulatory framework. For financial services regulators, this means devising ..read more

The inception of Open Banking marked the emergence of a set of objectives such as offering customers increased options for managing their data, fostering competition among banks, and stimulating FinTech advancements that would advantage both bank customers and society as a whole. Having a clear, well-maintained, and well-documented specification is crucial for all stakeholders when it comes to Open Banking APIs regulation. Using open collaboration platforms for the development of these specifications is beneficial to all involved parties, as it fosters the engagement of adopters and a wider c ..read more